OREANDA-NEWS. December 11, 2007. The Federal Antimonopoly Service (FAS Russia) initiated a case against "ROSBANK" Shareholding Commercial Bank OJSC and 27 insurance companies ("Soglasie" Insurance Company Ltd., "POSNO" OJSC, "BSK" OJSC, "Yugoria" Insurance Group OJSC, "Rosgosstrakh" OJSC, ООО "Neftepolis" Ltd., "Ingosstrakh" Open, "MAKS" CJSC, "NASTA" Ltd., "Surgutneftegaz" Insurance Company" Ltd., "ROSSTRAKH" OJSC, "Standart-Reserve" Closed Join-Stock Insurance Company, "NSG_Rosenergo" Ltd., "GUTA-Strakhovanie" Join-Stock Insurance Company" CJSC, "Spasskie Vorota" Insurance Group" CJSC, "SOYUZ" Insurance Company" OJSC, "Energogarant" Insurance Shareholding Company, "Ingosstrakh" OJSC, "Moscow Insurance Company" OJSC, "Rossia" Open Join-Stock Insurance Company, "AlphaStrakhovanie" OJSC, "Dal'ZhASO" OJSC, "SOGAZ" OJSC, "UralSib" Insurance Company" OJSC, "Dal'star" Insurance Company" OJSC, Progress-Garant" Insurance Company" OJSC, "AIG Life" Insurance Company" CJSC and "RESO-Garantia" Open Join-Stock Insurance Company for breaching Part 1 Article 11 of the Federal Law "On Protection of Competition", reported the press-centre of FAS Russia.

The hearing is scheduled at 11 a.m. on 24th January 2008.

Earlier FAS Russia informed that "ROSBANK" Shareholding Commercial Bank OJSC and the above insurance companies had already voluntary reported to the antimonopoly authority on entering into competition-restricting agreements, which are forbidden under the antimonopoly legislation of the Russian Federation. The bank withdrew from the agreements and presented the available information on the agreements in question.

In their statements financial organizations reported that the above agreements provide for the arrangements between a credit organization and insurance companies on the rates used by the insurance companies for Auto Loan, consumer credits or residential mortgage. Such practices lead or can lead to setting or maintaining insurance prices, which directly violates Article 11 of the Federal Law "On Protection of Competition".