UPDATE: Romanian Competition Council triggers an investigation on the insurance market

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The Competition Council (CC) initiated an investigation regarding possible infringement of national and EU rules on competition field by Media Xprimm, UNSAR (National Union of Insurance Companies in Romania), insurance companies – UNSAR members and by other insurance companies, a press release informs.

The investigation relates to a possible exchange of commercially sensitive information between competitors on the insurance services market.

According to CC, the investigation was initiated ex officio.

During the triggered investigation, CC carried out unannounced inspections at UNSAR, Media Xprimm premises and at the headquarters of some insurance companies, members of UNSAR. The seized documents during these inspections are under the competition authority analysis.

The unannounced inspections represent a preliminary step within the investigation procedures of a possible anti-competitive behavior.

Making these inspections is not a CC pre-pronouncing regarding the investigated companies fault and the final outcome of the initiated investigation.

„The investigation initiated by CC on the insurance market will last one year and a half – two years, and if there are sufficient evidence to prove a violation of competition rules, the sanctions will be between 0.5 – 10 percent of the premiums collected by each company in the previous year,” Bogdan Chiritoiu, President of Romanian Competition Council explained for agerpres.ro.

On the other hand, UNSAR representatives claim in a press release that CC analysis will show that the possible concerns considered in the procedure’s opening is not an infringement of the competition rules.

 

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