Russia Orders Insurers, Banks To End Rate-Fixing

Law360, New York (August 6, 2010, 3:31 PM EDT) -- Russia's antitrust watchdog has ordered several banks and insurers — including Admiral Insurance Group Ltd. and Renaissance Insurance Group Ltd. — to stop agreeing to fix auto insurance rates for consumers who buy their vehicles on credit through two of the banks.

The Federal Antimonopoly Service found that Admiral, Renaissance, Consumer Finance Co. CJSC , CFC Commercial Bank OJSC, CFC-Insurance Ltd., MSK Insurance Group OJSC, Russkaya Insurance Co. OJSC, AlfaStrakhovanie OJSC and Rosgosstrakh Ltd. had all run afoul of Russia's anti-monopoly law by entering agreements to...
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