European Commission raids Irish motor insurers in cartel probe
The European Commission has confirmed that its officials carried out unannounced inspections on July 4, 2017 at the premises of companies active in motor insurance in the Republic of Ireland.
The Commission has concerns that the companies involved may have engaged in anti-competitive practices in breach of EU antitrust rules that prohibit cartels and restrictive business practices and/or abuse of a dominant market position. The Commission officials were accompanied by their counterparts from the Irish Competition and Consumer Protection Commission.
Unannounced inspections are a preliminary step into suspected anti-competitive practices. The official statement stressed that the fact that the Commission carried out such inspections does not mean that the companies are guilty of anti-competitive behaviour nor does it prejudge the outcome of the investigation.
There is no legal deadline to complete inquiries into anti-competitive conduct. Their duration depends on a number of factors, including the complexity of each case, the extent to which the companies concerned co-operate with the Commission and the exercise of the rights of defence.
Join us at Intelligent InsurTECH Europe 2017 - Use code "Save20" to save 20% on selected tickets until July 15th
Today’s stories
MGA experts suggest that insurers may do without underwriters
Zurich taps senior AIG executive as CUO commercial insurance
Global insurance premiums growth slows: Swiss Re
Skuld reveals new head of business unit
Neon expands PI team with Novae hire
Cayman reinsurer Crosswinds and TransRe strike underwriting agreement
Fidelis promotes Turner to group chief actuary
Lloyd’s insurer Atrium partners with MGA Fiducia for terror cover
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
