Insurers to appoint and pay ‘independent’ experts who oversee compliance with law
The move is likely to raise concerns over the effectiveness of the deals struck by the Competition and Consumer Protection Commission with insurers
Insurers will appoint and pay the “independent” experts tasked with overseeing their compliance with competition law, as part of an agreement reached with the watchdog after a five-year investigation, the Business Post has learned.
The Competition and Consumer Protection Commission (CCPC) last week closed its long-running probe into alleged cartel-like behaviour across the motor insurance industry, after securing legally binding commitments from insurers that they would reform their internal competition law...
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Central Bank ‘will intervene’ in the event of unfair practices in insurance industry
Derville Rowland said the financial regulator was monitoring insurance providers ‘closely’ with regards to business interruption insurance and loyalty penalties