OREANDA-NEWS. July 06, 2009. Two more financial organizations paid administrative fines imposed for entering into competition - restricting agreements: "Rosgosstrakh-Povolzhye" Ltd. - 3,902,130 Rubles and "Energogrant" Insurance Share-Holding Company" OJSC 139,900 Rubles.

As reported earlier, in December 2008, the Office of the Federal Antimonopoly Service in the Saratov Region (OFAS Russia) found that "Promsvyazbank" OJSC and 12 insurance companies violated Clauses 4 and 5 Part 1 Article 11 of the Federal Law "On Protection of Competition".

The case was initiated after financial organisations had notified the Saratov OFAS Russia, according to Part 9 Article 35 of the Federal Law "On Protection of Competition", about entering into the agreements.

One of the provisions of the additional agrements between Promsvyazbank" OJSC and the following insurance companies: "Energogrant" Insurance Share-Holding Company" OJSC, "Oranta" Insurance Company" Ltd., "Rosgosstrakh-Povolzhye" Ltd., "Spasskie Vorota" Insurance Group" CJSC, "Standart-Reserve" CJSC, "Soglasie" Insurance Company" Ltd., "ROSNO" Russian Insurance Public Company" OJSC, "Yugoria" State Insurance Company" OJSC, "Gruppa Renessanse Strakhovanie" Insurance Company" Ltd., "Pervaya Strakhovaya Kompania" Ltd., "Zurich. Retail" Insurance Company" Ltd. and "Gorodskaya Strakhovaya Kompania" Ltd. contained arrangements that could have resulted in imposing unfavourable insurance conditions upon the borrowers and economically and technologically unjustified refusals to enter into contracts with other insurance companies and borrowers.

In May-April 2009, FAS Russia fined ten insurance companies for the total sum 6,519,691 Rubles for entering into competition-restricting agreements.

The Saratov OFAS Russia already reported that several financial organisations had executed the Resolutions of the antimonopoly body on imposing administrative fines for breaching the antimonopoly legislation.

In May-April 2009, administrative fines were paid by: a deputy bank executive of the Saratov branch of "Promsvyazbank" OJSC on four administrative cases for the total sum of 68,000 Rubles, "Soglasie" Insurance Company" Ltd. - 412,150 Rubles, "Oranta" Insurance Company" Ltd. - 216 802 Rubles, and "Yugoria" State Insurance Company" OJSC 8,293 Rubles.