OREANDA-NEWS. August 04, 2011. The 9th Arbitration Appeal Court dismissed the claim of “KRK” Commercial Bank and “KRK-Strakhovanie”. The claimants were trying to revoke the judgment of Moscow Arbitration Court and invalidate the decision and determination issued by the Federal Antimonopoly Service (FAS Russia), reported the press-centre of FAS Russia.

In August 2010, FAS found that “KRK”, “KRK” Commercial Bank, “KRK-Strakhovanie” and “Alpha-Strakhovanie”, “MSK” Insurance Group”, “Rosgosstrakh”, “Admiral Insurance Group” and “Renaissance Insurance Group” violated Clauses 1 and 5 Part 1 Article 11 of the Federal Law “On Protection of Competition” (price collusion between members of the KRK financial group and insurance companies on the vehicle insurance market).

The members of the group of persons comprising a credit organisation - “KRK” Commercial Bank, an insurance company - “KRK-Strakhovanie”, and a company selling cars on installment plans and at the same time acting as an insurance agent – “KRK” violated the law by concluding and participating in agreements with insurance companies.

These agrements resulted in fixing and maintaining insurance rates for the vehicles pledged to “KRK” and “KRK” Commercial Bank, and imposing disadvantageous insurance contract conditions upon the clients of “KRK” and borrowers of “KRK” Commercial Bank, in terms of the fixed insurance premium for the second and subsequent years of vehicle insurance.