Anti-trust probes insurers for violating competition rules [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) The Albanian Competition Authority has launched an in-depth investigation into compulsory motor third party liability insurance market for violence of competition rules, ATA news agency reported. All nine companies, active on the general insurance market will be included in the investigation.
The parliament's economy and finance committee called last February the Financial Supervisory Authority, the competition watchdog and the finance ministry to launch investigation into an alleged cartel activity on the local insurance market following coordinated efforts and a surge in prices of compulsory car insurance.
The insurers initially motivated the increase with the growing number of road accidents as well as the increased number of uninsured vehicles but consequently lowered the prices.
The Competition Authority fined local insurance companies for coordinating increase and fixing of premiums in 2012 and 2008.
The Albanian government has already announced plans to draft changes to the insurance legislation aiming to strengthen consumer protection. The move aims to determine in details the contracting and pre-contracting information as well as the treatment of the complaints. The new bill will also be designed to increase the transparency to the public.
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