OREANDA-NEWS. August 05, 2011. The Federal Arbitration Court of the Povolzhie District found that “Sozhekap Strakhovanie Zhizni” [Life Insurance] Ltd. and “RusfinanceBank” Ltd. concluded an agreement that resulted in imposing disadvantageous contract conditions for insurance and crediting and refusing to conclude contracts with other insurance organizations, reported the press-centre of FAS Russia.

On 26th May 2010, the Commission of the Office of the Federal Antimonopoly Service in the Samara region (Samara OFAS Russia) established that when concluding a loan agreement with “RusfinanceBank” Ltd. the clients were forced buy life and loss of earning capacity insurance policy from “Sozhekap Strakhovanie Zhizni” Ltd. A contract with the insurance company must be concluded for the whole period of the loan agreement with the Bank. According to required contract conditions, the borrower must pay 73,000 Rubles as the insurance premium (in other companies insurance premium did not exceed в 14,000 Rubles).

Samara OFAS Russia found that “RusfinanceBank” Ltd. and “Sozhekap Strakhovanie Zhizni” Ltd. violated Clauses 4 and 5 Part 1 Article 11 of the Federal Law “On Protection of Competition” and issued a determination to stop the violation.

Samara OFAS Russia also fined “RusfinanceBank” Ltd. 100,000 Rubles.

The bank filed a lawsuit challenging the determination of the antimonopoly body.

Samara Regional Arbitration Court allowed the claim. However, the Appeal Court confirmed legitimacy of the conclusions made by Samara OFAS Russia.

On 8th October 2010, the antimonopoly body fined “Sozhekap Strakhovanie Zhizni” Ltd. 25 million Rubles.