OREANDA-NEWS. January 28, 2007. "Rosgosstrakh - Stolitsa" Ltd., "Rosgosstrakh - Sibir [Siberia]" Ltd., "Rosgosstrakh - Secero-Vostok [North-East]" Ltd., "Rosgosstrakh-Povolzye Ltd., "Rosgosstrakh-Tatarstan" Ltd., "Rosgosstrakh-Yug [South]" Ltd., "Rosgosstrakh-Urals" Ltd., "Rosgosstrakh - Dalny Vostok [Far East]" Ltd., "Rosgosstrakh-Centre" Ltd., "Rosgosstrakh-Accord" Ltd., "Russky Mir" Insurance Company" OJSC and the "Kyzbass Regional Insurance Company" Ltd. voluntarily reported to the Federal Antimonopoly Service (FAS Russia) on concluding competition-restricting agreements with the "VTB 24" bank, which are forbidden by the antimonopoly legislation, refused to participate in such agreements and presented available information on the agreements in question, reported the press-centre of FAS Russia.

In their statement the insurance companies voluntarily reported about the co-operation agreements with the bank in terms of mortgage housing credit, some provision of which violate the Federal Law "On Protection of Competition".

The agreements provided arrangements between the credit organization and insurance companies on coordinating residential mortgage rates. Concluding such agreements could have led to setting and maintaining prices on insurance services which directly violates Article 11 of the Federal Law "On Protection of Competition". Therefore, the insurance companies took advantage of the administrative leniency programme under Article 14.32 of the Code on Administrative Violations of the Russian Federation (CoAV RF).

According to the notes to Article 14.32 of CoAV RF, a person that voluntarily reported to the antimonopoly authority on entering into a competition-restricting agreements, forbidden by the antimonopoly legislation of the Russian Federation, and refused to take part or to further participate in such an agreement as well as presented the available data (information) to enable establishing the fact of such an agreement, is discharged from administrative liability.

FAS Russia will decide whether the insurance companies should be relieved of administrative liability after it examines the antimonopoly case.