General Insurance Article - LMA issues new guidelines as IBER lapses

 "The Commission's announcement at the end of last year that IBER would not be renewed was widely expected" said LMA’s head of legal and compliance, Kees van der Klugt, "but it means that where pooling of capacity would otherwise have fallen into the IBER safe harbour, firms in the market must place heavier reliance on individually ensuring compliance with the underlying competition law, both UK and EU."

 The LMA has updated its competition law guidance to reflect the new position. This includes a self-assessment checklist devised with David Kendall and Becket McGrath of Cooley LLP.

 Kees added: “All firms in the marketplace, when entering into co-insurance binding authorities, lineslips, consortia or similar arrangements, need to undertake some sort of self-assessment process. We believe this revised guidance and simple checklist will prove useful for that."

 The new guidance is due to be published on 31 March.