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"The Commission’s sector inquiry into business insurance: outcome and next steps"* On 25 September 2007, the Commission published the Final Report of the sector inquiry into business insurance, following the Interim Report which was published in January of the same year (see CPN 2007 No 1,p. 63 ff.). Whilst it contains a wealth of other information, the Final Report focuses in substance on two main issues. These are competition in the wholesale subscription markets, and conflicts of interest on the part of brokers. I. Subscription markets Subscription markets are those whereby an ad hocsyndication arrangement is set up by a broker or client in order to cover a given risk. The process characterises direct insurance for large commercial risks as well as reinsurance (both treaty and

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