EC raises questions over common reinsurance practice
The European reinsurance industry could be acting in a manner which restricts competition, the European Commission said in its long-awaited report out today. The Business Insurance Sector Survey, published by the European Commission Competition Directorate, raises the issue of the “best terms and conditions clause” that occurs in many contracts.
As the report says: “The inquiry also shows that, at different stages in the negotiation of a reinsurance contract, certain reinsurance companies insert a clause to the effect of benefiting from the
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