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EU regulators say antitrust exemption for insurers not needed

BRUSSELS (Reuters) - A six-year scheme which exempts insurers from antitrust rules under certain conditions is no longer necessary, EU regulators said on Thursday, following a two-year review.

Adopted in April 2010, the insurance block exemption regulation sets out the conditions under which insurers can exchange information on specific risks without running foul of the 28-country bloc’s strict competition rules.

The European Commission said the system may not be required any more as a study showed fewer than 50 institutionalized pools may be covered by the exemption.

“At this stage, the Commission’s preliminary view is that it is no longer necessary to maintain sector-specific block exemptions in this field,” the EU antitrust authority said.

It will make a final decision before March 2017 whether to renew the regime, modify it or scrap it.

Reporting by Foo Yun Chee

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