New compliance measures

Motor insurance reforms may be first step 

Aix motor insurers have agreed to introduce new legally-binding compliance measures could signal a change in direction for many in the sector. File picture

News that six motor insurers have agreed to introduce new legally-binding compliance measures could signal a change in direction for many in the sector. In 2020, the Competition and Consumer Protection Commission (CCPC) issued preliminary findings alleging seven organisations had engaged in anti-competitive cooperation. 

All seven denied they were in breach of competition law and pointed, instead, to their existing compliance programmes and measures. Now, six of the parties have agreed to new compliance measures.