|Targeted News Service|
"It is encouraging that the Competition and Markets Authority has been listening and the resulting proposals will be beneficial to consumers."
Parity agreements, also known as most favoured nation clauses, are put in place by some comparison websites and restrict insurers and brokers from offering the same product cheaper anywhere else.
The CMA took over from the
* a cap on the charges passed to the insurer of an at-fault driver in an accident for the cost of providing a replacement vehicle to the non-fault driver, to more closely reflect the costs incurred and remove significant inefficiencies
* better information for consumers about their rights following an accident
* better information for consumers on the costs and benefits of no-claims bonus protection
* a recommendation that the
BIBA is broadly supportive of the five proposed measures and will be giving a full detailed response to the CMA by the 4th July deadline.
The CMA, will now consult on these measures before publishing the final decision of its independent group of members in
These remedies will support BIBA's Manifesto call to action to tackle the cost of motor insurance. The BIBA-Acturis Insurance Price Index shows that for the second year in a row, motor insurance has dropped by around 5.5% in the first quarter.
CC AutoTriage13cn-140613-30TagarumaMar-4766212 30TagarumaMar
|Copyright:||(c) 2014 Targeted News Service|