By 1st February every year, PMI providers providing or arranging PMI products must submit an annual declaration in the form of a Compliance Statement to the Competition and Markets Authority (CMA). The declaration is to confirm compliance with the CMA’s Private Motor Insurance Market Investigation Order 2015 (the PMI Order) and provide details of the average NCB tables that are to be used.
PMI providers are insurers and insurance intermediaries involved in providing or arranging PMI products, which are all policies written as private car insurance – excluding motorcycles – where optional No Claims Bonus Protection is being provided or offered.
The next annual Compliance Statements are due to be submitted by 1st February 2023, and can be submitted by e-mail but can also be submitted online. If you are a PMI insurer or broker, please e-mail PMIFormRequest2023@cma.gov.uk for more information about how to submit your compliance report.
For submissions being made online, the prescribed wording is set out in the online notification form.
For submissions being sent in the traditional manner by e-mail, the requirement and prescribed wordings for the Compliance Statements can be found within, and in the Schedules to, the Final Order:
- the requirements are set out in Part 4 of the Order (Clause 6, on page 10);
- the prescribed wordings for the Compliance Statement are set out in Schedule 3 on page 19.
The Explanatory Notes to the Order show examples of Tables of average NCB discounts, which need to form part of the Compliance Statement.
The annual PMI Compliance Statement must contain:
- a statement that the PMI Provider has complied with the terms of the Order; and
- copies of the tables of Average NCB Discounts, as prescribed in paragraph 1(b) of Schedule 2.
A PMI Provider must ensure that any Annual Compliance Statement is signed by the Chief Executive Officer, the Managing Director or any Director responsible for PMI Products.
Note – There are separate requirements for Price Comparison Websites.
Please ensure you have appropriate reminders to submit the Annual Compliance Statements as the CMA do not issue reminders as the reporting deadline approaches.