OREANDA-NEWS. May 10, 2011. Moscow Arbitration Court dismissed the claim of “KRK” Commercial Bank” OJSC and “KRK-Strakhovanie” Ltd. on invalidating a decision and determination of the Federal Antimonopoly Service (FAS Russia), that had been issued, based on the results of the investigation of a price collusion between members of the KRK financial group and insurance companies on the market of vehicles insurance, reported the press-centre of FAS Russia.

On 2nd August 2010, the FAS Russia’s Commission found that “KRK” CJSC, “KRK” Commercial Bank” OJSC, “KRK-Strakhovanie” Ltd., Alpha-Strakhovanie” OJSC, “SG MSK” OJSC, “Rosstrakh” Ltd., “SG Admiral” Ltd., “Gruppa Renaissance Strakhovanie” Ltd., and “Russkaya Strakhovaya Kompania” OJSC violated Clauses 1 and 5 Part1 Article 11 of the Federal Law “On Protection of Competition”.

The group of persons, comprising a credit organisation - “KRK” Commercial Bank” OJSC, an insurance organisation – “KRK-Strakhovanie” Ltd., and a company that sells motor vehicles on deferred terms and at the same time providing the services of an insurance agent – “KRK” CJSC, violated the law by entering into agreements with insurance companies.

These agreements led to fixing and maintaining the rates for insuring vehicles pledged to “KRK” CJSC and “KRK” Commercial Bank” OJSC as well as imposing disadvantageous insurance contract conditions upon the clients of “KRK” CJSC and borrowers of “KRK” Commercial Bank” OJSC: a fixed insurance premium for the second and subsequent years of insuring the vehicle.