OREANDA-NEWS. February 20, 2008. The Federal Antimonopoly Service (FAS Russia) initiated a case against the "VTB 24" Bank (CJSC) and 17 insurance companies: "Rosgosstrakh - Stolitsa" Ltd., "Ingosstrakh" Open Joint-Stock Insurance Company, "Military-Insurance Company" OJSC, "VTB Strakhovanie" Insurance Company Ltd., "Rosgosstrakh - Sibir [Siberia]" Ltd., "Rosgosstrakh - Severo-Zapad [North-West]" 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, "PARI" Insurance Company" OJSC and "Kuzbass Regional Insurance Company" Ltd. for breaching Article 11 of the Federal Law "On Protection of Competition", reported the press-centre of FAS Russia.

The antimonopoly legislation was violated by entering into the agreements that lead or may lead to restricting competition on the insurance market, including price (rtes) fixing or maintenance.

The case was initiated upon voluntary statements submitted by the bank and insurance companies regarding their refusal to further participate in the competition-restricted agreements that are forbidden by the antimonopoly legislation of the Russian Federation.

The case hearing is scheduled for 19 March 2008.