Independent assessor to determine ABI credit hire rates
The OFT today decided that an agreement between motor insurers and replacement vehicle providers is beneficial to consumers and satisfies the requirements for an exemption under competition law provided certain conditions are met. One of these is the creation of an independent assessor to determine hire rates.
If this condition and others are met the OFT said it would grant an individual exemption from Chapter I prohibition of Competition Act to the Association of British Insurers' General Terms ofOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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