The German Competition Authority prohibits insurance cartel for insurance for pecuniary loss liability risks of auditors and chartered accountants (Versicherungsstelle Wiesbaden)

In a decision dated 10 August 2007, the German Federal Cartel Office (FCO) prohibited four of the major German insurance companies from continuing to insure the pecuniary loss liability risks of auditors and chartered accountants jointly via a joint insurance pool (with an exemption for insurance services offered to the “Big Four”). 1. Background Four German insurance companies, Allianz, AXA, R+V Allgemeine Versicherung and Victoria Versicherung offer pecuniary loss liability risk insurance for auditors and chartered accountants only through a joint pool, the “Versicherungsstelle Wiesbaden”. This joint insurance pool has existed since the 1930's, when it was set up in accordance with state directives. However, the pool was maintained after the second world war and has continued to

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  • Norton Rose Fulbright

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Maxim Kleine, The German Competition Authority prohibits insurance cartel for insurance for pecuniary loss liability risks of auditors and chartered accountants (Versicherungsstelle Wiesbaden), 10 August 2007, e-Competitions Bulletin August 2007, Art. N° 14975

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