Brussels, 27/02/2003 (Agence Europe) - At the end of intense discussions with Member States, the European Commission adopted a new regulation in the insurance sector aimed to replace Regulation No. 3932/92 currently in force and which is due to expire at the end of March. It will be valid for another seven year period (until 31 March 2010) and will sill exempt competition rules (particularly on Article 81 on the agreements) of specific categories in the cooperation agreements between insurance companies, as well as improvements. The agreements covered are:
a) the joint calculation of risks and joint studies on future risks. Given that the information available internally is not always sufficient, they will be able to exchange statistical data and carry out joint risk calculation. This provisions was already planned in the current regulation and remains largely unchanged in the new regulation;
b) the establishment of non-binding standard policy conditions: although many insurance policies are elaborated by national federation insurers, the Commission has taken into account the fact that insurance-type conditions will purely indicative values can be more effective for the insurers and at the same time provide benefits for consumers and brokers. It has therefore enlarged the field of application of the exemption criteria;
c) the establishment and management of insurance pools: the current regulation already allows, without any obligation of prior notification, the pooling of several insurers for covering large or exceptional risks which individual insurance companies were reluctant to cover alone. The new regulation also extends the field of application for exemption to this area. For example, a new three-year exemption is being introduced for insurance pools covering "new risks"; Security devices and test agreements: the new regulation provisions on agreements concluded on technical specifications for safety equipment hare now being brought into line with the harmonised single market rules that apply to security devices, following observations presented on the first draft of the text. Cooperation will, nevertheless, go further than what is justified simply in terms of what is in the interest of consumers and cannot affect cover, conditions or insurance premiums that have been proposed to them. The objective that is being targeted by the new rules aims to establish an acceptable compromise that guarantees legal security to the insurance sector, as well as the application of agreements that clearly and only guarantee efficiency gains and benefits to consumers.