The Competition and Markets Authority (CMA) has reminded private motor brokers and insurers that they need to submit their annual compliance reports by 1 February.
Submitting a CMA compliance report is a requirement under the CMA’s Private Motor Insurance Market Investigation Order 2015.
This banned agreements between insurance providers and price comparison websites preventing insurers from offering their products more cheaply via other online platforms.
The Order also provided consumers with access to more information on the costs and benefits of no-claims bonus protection. It applies to private car insurance contracts but not to motorcycles or commercially insured vehicles.
Details of the information required and a template compliance statement can be found on pages 19 and 20 of the Order.
The CMA has also provided an explanatory note to assist private motor insurance providers with filling out the form.
Completed forms need to be emailed to PMI.Order@cma.gsi.gov.uk before the 1 February deadline.
For more information about this or any other compliance related issue contact our expert team on 01925 765777, or email us at firstname.lastname@example.org.