No Help from Renewed Insurance Block Exemption Regulation 267/2010 Sample Clauses

No Help from Renewed Insurance Block Exemption Regulation 267/2010. Firstly, the block exemption is still of no help to the Pooling Agreement and the IGA under the new regime of Regulation 1/2003. The tide has not and will not turn from the previous Commission‟s Decisions on this point. In principle, the block exemption has no position in the modernised regime of Regulation 1/2003 but rather just is an exposition of the provisions of Article 101(3) TFEU for enforcement purposes. Moreover, in particular, the Commission on principle dislikes sectoral block exemptions unless the characteristics of the sector are so special, and the lobbying power of its members so great, that a tailor-made block exemption is inevitable.128 This standpoint could be strongly perceived from the renewal of insurance sector block exemption, which appears relevant to the Pooling Agreement and the IGA. As the successor of Regulation 3932/92 (referred in 4.4.3), Commission Regulation No 358/2003 of 27 February 2003 on the application of Article 81(3) of the Treaty to certain categories of agreements, decisions and concerted practices in the insurance sector (Regulation 358/2003) was supposed to expire in 2010. Even having received outright dissent from the CEA129, the European insurance and reinsurance federation that represents all types of insurance and reinsurance undertakings, the Commission insisted on its original proposal on the renewal of Regulation 358/2003. It finally narrowed the scope of exemption and applied a harsher calculation of market share as what we see now in Regulation 267/2010. These variations are disadvantageous to all insurers and indicate more intense enforcement of competition rules to the whole insurance sector. With this background, it is a sobering thought to thoroughly reduce the relevance of insurance block exemption to the Pooling Agreement and IGA especially when the bias of block exemption against the oligopoly, here the IG, is aggravated by the new formula of calculating market share in Regulation 267/2010.
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