The General Insurance Standards Council (GISC) has requested its contested Rule F42 be made exe...
The General Insurance Standards Council (GISC) has requested its contested Rule F42 be made exempt from the Competition Commission Appeal Tribunal's (CCAT) verdict that it is anti competitive. The GISC argued that the CCAT was not required to, and did not, consider the public interest benefits of regulation under the GISC regime.
The GISC said today that it intends to ask the Director General of Fair Trading (DGFT) to consider its application for an exemption and it will also be seeking support from the Government and consumer bodies.
The CCAT's verdict announced earlier this month dealt a serious blow to the new general insurance watchdog's aims to establish itself as a single regulator for the industry as it permits GISC members to deal with non members.
For the time being the GISC stressed that Rule F42 is not in force and will not be brought into force until the ultimate outcome of further proceedings before the DGFT and any appeal to the CCAT may be brought. As such the GISC said it will continue to provide consumer protection as a voluntary regulatory body.
The GISC said: "Members remain free to deal with non-GISC intermediaries and should avoid any action which might suggest that intermediaries are required or expected to apply for GISC membership or to act as Appointed Agents under the GISC Rules."
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