EU Regulator Says Access To Motor Insurance Market Has Been Restricted In Ireland
It has formed a preliminary view that Insurance Ireland breached EU competition rules
Insurance Ireland says it will respond to the findings in the coming weeks.
The Statement of Objections centres on the alleged restriction on a data sharing system, that the commission says puts companies at a competitive disadvantage.
Irish Independent Personal Finance Editor, Charlie Weston explains what is behind today's decision:
"They're saying that you had to be a member of Insurance Ireland to get access to that database, and if you couldn't join Insurance Ireland, you can't get access to it. Now it's not always easy for insurers, who come in here, to get a membership of Insurance Ireland. So the Commission says that's a de facto kind of block on open competition in this market."
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