OREANDA-NEWS. On August 06, 2008 the Federal Antimonopoly Service (FAS Russia) initiated a case against Joint-Stock Commerce Bank "Absolut Bank" and 23 insurance companies on the signs on the violation of the Article 11 of the Federal Law "On Protection of Competition" (prohibition of agreements restricting competition), reported the press-centre of FAS Russia.

The case was initiated after conducting inspection of the observance of the antimonopoly legislation by Joint-Stock Commerce Bank "Absolut Bank" LLC in its interaction with the following insurance organizations:

"Insurance Open Joint-Stock Company "Ingosstrakh";

"Gruppa Renaissance Strakhovanie" LLC;

"OJSC "ROSNO";

"OJSC "Capital Strakhovanie";

"OJSC "Voenno-strakhovaya companiya";

"Insurance Open Joint-Stock Company "RESO-Garantiya";

"Promishlennaya Strakhovaya Gruppa "OSNOVA" LLC;

"Rosgosstrakh-Ural" LLC;

"Rosgosstrakh-Stolitsa" LLC;

"Rosgosstrakh-Dalniy Vostok" LLC;

"Rosgosstrakh-Severo-Zapad" LLC;

"Rosgosstrakh-Sibir" LLC;

"Rosgosstrakh-Yug" LLC;

"Rosgosstrakh-Povolzh'e" LLC;

"Rosgosstrakh-Accord" LLC;

"Rosgosstrakh-Tatarstan" LLC;

"Rosgosstrakh-Centre" LLC;

"Insurance Closed Joint-Stock Company "Standart-Rezerve";

"ISK Evro-Polis" LLC;

"Insurance Company "Zurich. Retail" LLC (former title - "Insurance Company "NASTA" LLC);

"CJSC Insurance Company "Zurich";

"Insurance Open Joint-Stock Company "Rossiya"

"OJSC "AlfaStrakhovanie".

The FAS Russia perceives the sighs on the violation of antimonopoly legislation in concluding written agreements between the bank and given insurance companies within the frameworks of different crediting programs that lead or may lead to the restriction of competition.

The case will be heard on August 25, 2008.

Pursuant to Part 2 Article 11 of the Federal Law "On Protection of Competition" the agreements of economic entities that lead or may lead to the restriction of competition are prohibited.