Context
The CMA’s Private Motor Insurance (PMI) Market Investigation Order 2015 was published with a view to increasing competition in the car insurance market and reducing the cost of premiums for drivers. This order was made under the market investigations provisions of the Enterprise Act 2002. The order banned agreements between price comparison websites (PCWs) and insurers which stop insurers from making their products available more cheaply on other online platforms (‘most favoured nation’ clauses) and seeks to ensure better information for consumers on the costs and benefits of no-claims bonus protection.
Key points to note
- If you are a PMI insurer or broker, each year you must, by law, submit a compliance report to the CMA by 1st February (the Annual PMI Compliance Statement). This obligation arises from the CMA’s Private Motor Insurance Market Investigation Order 2015.
- The Annual PMI Compliance Statement can now be submitted via an online form and by uploading the tables of Average No Claims Bonus (NCB) Discounts.
- If you are a PMI insurer or broker, you can e-mail pmiformrequest2@cma.gov.uk for more information about how to submit your compliance report.
- If your business offers both insurance and brokerage services, the relevant instructions for you to follow should be determined on the basis of the primary role of your business.
- When you submit your compliance report via the online reporting form you will receive an automatic response as a confirmation of receipt.
Next actions
If you are a private motor insurance broker or insurer, you will need to submit the Compliance Report by 1st February. The Order and a set of Explanatory Notes, both of which contain details about how to make the report, can be found on the GOV.uk website. Please contact us if you need any assistance.