Competition Council raids insurance companies

Competition Council inspectors raided on Tuesday, without any previous warning, some of the players on the obligatory private pensions market, their mother-companies as well as professional associations in the field, a press released of the Council informed on Wednesday. The release doesn’t mention which companies were checked.

The investigation was opened on December 3, following suspicions on the breaking of an important article in the Competition Law. The article forbids understandings between economic agents or associations of economic agents, their joint decisions and practices, in case the effect of these understandings, practices and decisions limits, impeaches or distorts the competition on a Romanian market or one of a market’s segments.

According to the release, the documents and statements took during the raid are analyzed by the Competition Council.

The authority adopted a clemency policy in 2004, agreeing to offer immunity to fines or significantly lower fines for economic agents providing relevant information or documents on anti-competition practices.