OREANDA-NEWS. September 10, 2009. The Federal Arbitration Court of the Povolzhye District confirmed validity of the fines imposed by the Saratov Office of the Federal Antimonopoly Service (OFAS Russia) upon "Rosgosstrakh-Povolzhye" Ltd. and "Energogarant" Insurance Share-Holding Company" OJSC for entering into competition-restricting agreements, reported the press-centre of FAS Russia.

In December 2008, the Saratov OFAS Russia found that "Promsvyazbank" OJSC and twelve insurance companies violated Clauses 4 and 5 Part 1 Article 11 of the Federal Law "On Protection of Competition" (prohibiting competition-restricting agreements or concerted actions).

Additional agreements between "Promsvyazbank" OJSC and the following insurance companies: "Energogarant" Insurance Share-Holding Company" OJSC, "Oranta" Insurance Company" Ltd., "Rosgosstrakh-Povolzhye" Ltd., ЗАО "Spasskie Vorota" Insurance Group" CJSC, СЗАО "Standart-Rezerv" Closed Insurance Joint-Stock Company, "Soglasie" Insurance Company" Ltd., Народное Общество ROSNO" Russian People Insurance Association" OJSC, "Yugoria" State Insurance Company" OJSC, "Gruppa Renaissance Strakhovanie " Insurance Company" Ltd., "Pervaya Strakhovaya Kompania" Ltd., "Zurich. Retail" Insurance Company" Ltd. and "Gorodskaya Strakhovaya Kompania" Ltd., included a clause on arrangements that could have resulted in imposing unfavourable insurance conditions upon borrowers as well as technologically and economically unjustified refusals to enter into agreements with other insurance companies and borrowers.

For those violations the Saratov OFAS Russia fined ten insurance companies in March-April 2009 for the total amount over 6 519 691 Rubles. "Rosgosstrakh-Povolzhye" Ltd. was fined 3 902 130 Rubles for antimonopoly violations and "Energogarant" Insurance Share-Holding Company" OJSC - 139 900 Rubles.

"Rosgosstrakh-Povolzhye" Ltd. and "Energogarant" Insurance Share-Holding Company" OJSC disagreed with the decision of the Saratov OFAS Russia on imposing the administrative fines, and appealed to the Saratov Regional Arbitration Court, the Appeal Court and later to the Cassation Court. All those instances confirmed the rightness of the antimonopoly service.

In June "Rosgosstrakh-Povolzhye" Ltd. and "Energogarant" Insurance Share-Holding Company" OJSC paid administrative fines; still they filed a lawsuit to the Cassation Court.