OREANDA-NEWS. On August 24, 2007 the "Standard-Reserve" closed-end shareholding insurance company and "SURGUTNEFTEGAS" Insurance Company" Ltd. voluntarily reported to the Federal Antimonopoly Service (FAS Russia) on entering into competition-restricting agreements with "ROSBANK" Commercial Shareholding Bank OJSC, which are forbidden by the antimonopoly legislation of the Russian Federation. The companies refused to participate in the agreements and presented available information about the agreements, reported the press-centre of  FAS Russia.

Therefore, the "Standard-Reserve" closed-end shareholding insurance company and "SURGUTNEFTEGAS" Insurance Company" Ltd. applied for the leniency programme under Article 14.32 of the Code of Administrative Violations of the Russian Federation.

In their statement, the "Standard-Reserve" closed-end shareholding insurance company and "SURGUTNEFTEGAS" Insurance Company" Ltd. informed about entering in the agreements with "ROSBANK" Commercial Shareholding Bank OJSC on insuring the bank clients; provisions of the agreements violate the Federal Law "On Protection of Competition".

The agreements related to the arrangements between a credit and an insurance organization on the on the rates used by an insurance company for the Auto Loan programme. Signing such an agreement leads or can lead to fixing or maintaining prices on insurance services which directly breaches Article 11 of the Federal Law "On Protection of Competition".

Under Part 2 Article 14.32 of the Code of Administrative Violations of the Russian Federation, a person that voluntarily reported to the antimonopoly authority on entering into a competition-restricting agreement, forbidden by the antimonopoly legislation of the Russian Federation, and refused to participate or further participate in such an agreement, and presented available information necessary to establish the fact of such an agreement, is relieved from administrative liability.

FAS Russia will make a decision to relieve the "Standard-Reserve" closed-end shareholding insurance company and "SURGUTNEFTEGAS" Insurance Company" Ltd. from administrative charges upon considering the case on violating the antimonopoly legislation.

Earlier FAS Russia was approached by "ROSBANK" and 9 insurance companies - "Soglasie" Ltd, "ROSNO" OJSC, ОАО "VSK" OJSC, "Yugoria" GSK" OJSC, ОАО "Rosgosstrakh" OJSC, "Neftepolis" Ltd., "Ingosstrakh" OJSIC, "МАКS" CJSC, and "NASTA" Ltd. - who made a statement on voluntary refusal to take part in the agreements aimed at restricting competition.

Person's participation in an agreement or concerted actions which restrict competition is liable with administrative fines from 1 % to 15 % of the goods (services) sales proceeds on the market where a violation occurred.