Competition Council investigates insurance companies: We suspect they exchanged information to increase the prices

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The Competition Council (CC) will complete in several months an investigation targeting the insurance companies. They are suspects of exchanging information to increase the prices of their products, CC President Bogdan Chiritoiu has said on Thursday.

“There is an ongoing investigation to be completed in several months. We suspect coordination between the insurance companies. If confirmed, the fines will be very high. The fact that at a time of market instability some companies were enforcing very high fees, because they probably did not want to have that kind of customers, does not mean that it was automatically a cartel. We suspect that they were exchanging price information on the selling of some products and thus coordinating their actions. A company could see that, if the price increases, the others will increase the price in their turn or will not come out with low prices to take over its customers,” said Bogdan Chiriţoiu.

 

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