The Saratov Regional Arbitration Court dismissed the claim of «Rosgosstrakh-Povolzye» Ltd. on invalidating the resolution of the Saratov OFAS Russia, which imposed an administrative fine upon the company for violating the antimonopoly legislation.
«Rosgosstrakh-Povolzye» Ltd. disagreed with the judgment of the Saratov Regional Arbitration Court and appealed to the Court of Appeal Instance. The Arbitration Appeal Court did not allow the appeal.
In December 2008, the Saratov OFAS Russia found that «Promsvyaz'bank» 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 upon presentation of notifications on agreements between financial organisations to the Saratov OFAS Russia in accord with Part 9 Article 35 of the Federal Law «On Protection of Competition».
Additional agreements between «Promsvyaz'bank» OJSC and the following insurance companies - «SAK «Energogarant» OJSC, «Oranta» Insurance Company» Ltd., «Rosgosstrakh-Povolzye» Ltd., «Spasskie Vorota» Insurance Group» CJSC, «Standart-Rezerv» Closed Insurance Joint-Stock Company, «Sogalasie» Insurance Company» Ltd., «ROSNO» Russian Insurance Public Company» OJSC, «Yugoria» State Insurance Company» OJSC, «Renaissance Insurance Group» Insurance Company» Ltd., «Pervaya Strakhovaya Kompania» Ltd., «Zurich. Retail» Insurance Company» Ltd. and «Gorodskaya Strakhovaya Kimpania» Ltd. - included provisions that could have resulted in imposing unfavourable insurance conditions upon borrowers as well as economically and technologically unjustified refusing to sign agrements with other insurance organisations and borrowers.
In May-April 2009, the Saratov OFAS Russia fined ten insurance companies for the total amount of 6 519 691 Rubles for engaging in competition-restricting agreements.
«Rosgosstrakh-Povolzye» Ltd. was fined 3 902 130 Rubles for violating the antimonopoly legislation.
«Rosgosstrakh-Povolzye» Ltd. disagreed with the decision of the Saratov OFAS Russia on imposing the fine and filed a lawsuit to the Saratov Regional Arbitration Court on invalidating and abolishing the resolution.
The Saratov Regional Arbitration Court dismissed the claim of «Rosgosstrakh-Povolzye» Ltd. Now the ruling is upheld by the Court of Appeal Instance.
Also, the 12th Arbitration Appeal Court did not allow the appeal of «SAK «Energogarant» OJSC on abolishing a resolution of the Saratov OFAS Russia, which had fined the company 139,900 Rubles for similar violations.
