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Romania's anti-trust body fines insurers 247 mln lei (53 mln euro) for price fixing

Romania's anti-trust body fines insurers 247 mln lei (53 mln euro) for price fixing Author: Doinita Dolapchieva. Licence: All rights reserved.

BUCHAREST (Romania), December 4 (SeeNews) - Romania's competition authority said on Tuesday that it has fined nine local insurers and the National Union of Insurance and Reinsurance Companies (UNSAR) a total of 246.7 million lei ($60 million/ 53 million euro) for price fixing.

An investigation has revealed that Allianz-Ţiriac Asigurari, Asirom Vienna Insurance Group, Astra Asigurari, Carpatica Asig, Euroins Romania, Generali Asigurare Reasigurare, Groupama Asigurari, Omniasig Vienna Insurance Group and Uniqa Asigurari had participated in the exchange of commercially sensitive information regarding their intentions to increase tariffs for motor third party liability insurance (RCA) with UNSAR's cooperation, the Competition Council said in a statement.

"This concerted practice, facilitated by UNSAR, has led to a restriction of competition on the RCA insurance market between October 2012 and November 2016, as insurance companies have not set their tariffs independently but have acted concertedly on the market, taking into account the discussions to increase the tariffs within the association," the anti-trust body said.

Euroins Romania has fully acknowledged the anti-competitive act and provided a series of documents and information which had a significant contribution to the investigation and, consequently, benefited from a reduction in the fine.

In the case of Astra and Carpatica, the Competition Council had to take into account a shorter period of law infringement, i.e. until the the two companies had their licences withdrawn by the Financial Supervisory Authority (ASF).

(1 euro= 4.6519 Romanian lei)