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  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
The Spanish competition authority imposes the highest fine ever on several insurance companies (Insurance Cartel)
Access to this article is restricted to subscribers
Already Subscribed? Sign-in
Access to this article is restricted to subscribers.
Read one article for free
Sign-up to read this article for free and discover our services.