05.01.2010 European Commission Announces its Renewal of the Insurance Industry’s Antitrust Block Exemption
05. 2010In late March, the European Commission (“EC”) announced that it was renewing the “block exemption” that currently exempts several insurance industry practices from the European competition laws. The exemption(Regulation 358/2003), which was set to expire on March 31 of this year, was renewed for seven additional years. The EC’s decision to renew the exemption is particularly notable given the recent efforts to repeal the insurance industry’s antitrust exemption in the United States (provided under the McCarran-Ferguson Act). In announcing the ECU decision, Joaquin Almunia, ECU Vice President in charge of Competition Policy, stated that “The block exemption continues to be justified for pools and certain types of information exchanges necessary for the industry to be able to carry out its business. This is in the interest of consumers and of the economy as a whole.”
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