European Commission Publishes Proposal for New EU Insurance Block Exemption

EU Law Update

On October 5, 2009, the European Commission published its proposal for a revised insurance block exemption to replace the current block exemption which is due to expire in 2010. Although the proposal is broadly in line with the findings of the Commission’s March 2009 report on the functioning of the block exemption, there are a number of important points which emerge from the new text and on which stakeholders may wish to comment. In addition, given publication of what is understood to be a near final draft, (re)insurers may already want to start the process of determining whether their agreements will benefit from the safe harbour under the new block exemption and, if not, whether they would qualify for an individual exemption under Article 81(3).