The Spanish Competition Authority imposes over € 120 M fines to insurance companies charged of price-fixing in decennial insurance for new buildings (Compañías de Seguro Decenal)

On 12th November 2009, the Spanish NCA (Consejo de la Comisión Nacional de la Competencia – CNC Council) fined Asefa, Caser, Mapfre Empresas, Mapfre Re, Scor, Switzerland, Swiss Re and Munchener, for participating in an agreement and concerted practices aiming at setting minimum prices of decennial insurance. This insurance was established by the Spanish Building Regulatory Act (1999) in order to cover the risk of structural damages occurring due to constructive flaws materialized during the first ten years of a new building. The decennial insurance is a compulsory requirement for all new residential construction in Spain since the 6th May 2000. The CNC found that competition prevailed in the market until the second half of 2001, when contacts between leading insurers and reinsurers

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Andres Rioseco Lopez, The Spanish Competition Authority imposes over € 120 M fines to insurance companies charged of price-fixing in decennial insurance for new buildings (Compañías de Seguro Decenal), 12 November 2009, e-Competitions Bulletin November 2009, Art. N° 34800

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