AAE publishes note on the Insurance Block Exemption Regulation

Brussels, 25 November 2015, 

Today the Actuarial Association of Europe (“AAE”) published its key messages on the Insurance Block Exemption Regulation (“IBER”). 

The IBER is a sector-specific legal instrument which allows (re)insurers to benefit from an exemption to the prohibition of anti-competitive arrangements laid down in Article 101(1) of the Treaty on the Functioning of the European Union (“TFEU”). The purpose of this short paper is to reiterate the key views of the AAE and to seek to influence the process as the time for decision draws near. 

The AAE is supportive of the retention of the elements of the IBER which it believes are important to the efficient functioning of insurance markets. The AAE represents the actuarial profession in Europe. As the profession which bears most responsibility for the pricing/underwriting of and reserving for insurance risks, the actuarial profession has considerable experience of the benefits which the IBER has provided for the industry and, by extension, the consumers of its products.