On 12 November 2009, the Spanish competition authority (Comisión Nacional de la Competencia, hereinafter the "CNC") imposed a total fine of €121 million on three Spanish insurance companies (Asefa, Mapfre and Caser) and some of the leading global reinsurers, (Munich Re, Swiss Re and Scor) for a breach of Article 81 of the EC Treaty [1] and the equivalent Spanish national provision. The CNC concluded that, from 2002 to 2007, the companies had engaged in a price-fixing cartel in the Spanish market for building liability insurance. According to the Spanish Construction Planning Act 38/1999, residential building contractors must have insurance to cover the costs of rectifying a total or partial collapse of the construction in question for a 10-year period following completion of the
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The Spanish competition authority imposes the highest fine ever on several insurance companies (Insurance Cartel)
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