Directions issued to Co-op Insurance
Directions issued by the CMA to Co-op Insurance to ensure compliance with the Private Motor Insurance Market Investigation Order 2015.
Documents
Details
The Private Motor Insurance Market Investigation Order 2015 (the Order) followed the Competition and Markets Authority’s (CMA) market investigation into private motor insurance. Among other things, it requires that private motor insurance providers offer better information on no-claims bonus (NCB) protection by 1 August 2016.
Co-op Insurance did not provide the implied price of NCB protection to its customers by the deadline as it was unable to calculate the figure on an individual basis.
The directions ensure that from 1 February 2017, drivers renewing their NCB protection with Co-op Insurance will be charged a fixed rate. New customers will get quotes with and without NCB protection so they can calculate the NCB price.
Co-op Insurance has also been directed to comply fully with the Order by 1 October 2017.
See CMA press release from 19 January 2017.