Insurers to pick and pay ‘independent’ overseers

The result of a dropped five-year investigation by the CCPC into insurance industry practices is being heavily criticised

Insurers will be required to demonstrate to the CCPC that they have hired an external expert, but the individual will not be appointed by the watchdog itself

Insurers are to appoint and pay the “independent” experts tasked with overseeing their compliance with competition law as part of an agreement reached with the country’s consumer watchdog which resulted in it dropping a five-year investigation into the industry, 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 ...