OREANDA-NEWS. September 22, 2011. An officer of FAS Department for Control over financial markets, Irina Akimova, took part in the Round Table of Moscow National Banking Forum “Banks and Insurers”, were she made a presentation on antimonopoly regulation of the market of insurance services to more than 70 bankers and representatives of insurance companies, reported the press-centre of FAS Russia.

Cooperation between bank and insurance companies is constantly in the focus of FAS attention. Experts of FAS Central Office together with the regional offices carried out an inspection, which revealed the signs of cartels and other competition-restricting agreements in more than half of Russian provinces. According to Irina Akimova, apart from imposing disadvantageous contract conditions upon buyers, other adverse consequences of the agreements exposed by the antimonopoly bodies include eliminating competition among insurers under such arrangements.

The findings of the inspection as well as enforcement practice have proved to FAS importance of drafting a legal document that would established competitive “rules of the game” regarding cooperation between credit and insurance organisations. Irina Akimova reminded of No.386 Decree of the Government of the Russian Federation of 30th April 2009, which set conditions for allowability of agreements between credit organisations and insurance companies valid for the period of five years. “However, some conditions of cooperation agreements between banks and insurers contradict the antimonopoly law”, emphasised Irina Akimova.

She drew attention of the conference attendees to the so-called group insurance contracts, concluded between banks and insurance companies for the purposes of insuring bank borrowers. General exceptions, approved by the Decree, are not applicable to the agreements between banks and insurers related to the contracts of group insurance of bank borrowers for granting loans.

“If bank borrowers are offered an additional voluntary service – group life and health insurance of the bank clients– and refusals to have such insurance contracts do not affect credit granting, and there are no facts of imposing group voluntary insurance upon the bank clients, such bank actions cannot be qualified as violating the antimonopoly law”, explained FAS officer.