OREANDA-NEWS. December 15, 2011. The 17th Arbitration Appeal Court recognised collusion between “TRUST” National Bank” OJSC and “Aviva” Insurance Company” CJSC aimed at creating obstacles for entry to the market of life and health insurance associating with loan granting, reported the press-centre of FAS Russia.

On 16th February 2011, the Office of the Federal Antimonopoly Service in the Perm Region (Perm OFAS Russia) found that the bank and the insurance company violated Clause 8 Part 1 Article 11 of the Federal Law “On Protection of Competition”. Concluding loan agreements for immediate needs, the bank was forcing customers to conclude life and health insurance agreements with the only insurance company – “Aviva” Insurance Company” CJSC; the insurance period was equal to the period of loan agreement; the insurance premium was paid as a lump sum; and in case of аn early termination of an insurance agreement the insurance premium was not returned to the borrowers. All these actions resulted in creating obstacles for entry to the market of personal insurance.

“This is the first decision of Perm OFAS Russia regarding the anti-competitive agreement between the bank and the insurance company, confirmed by the court judgment that took legal effect. Hopefully, all further decisions will be held in force”, pointed out the Perm OFAS Russia, Dmitry Makhonin.