Spain Hits 6 Insurers With €120M Price-Fixing Fine

Law360, New York (November 12, 2009, 5:30 PM EST) -- Spain's National Competition Commission has hit six European insurance companies with a €120 million ($180 million) fine for allegedly operating a cartel to fix construction insurance prices during the Spanish housing boom from 2002 to 2007.

The commission announced the largest fine ever imposed by the agency on Thursday, confirming that Spanish insurers Asefa SA, Mapfre SA and Caser and French reinsurers Scor, Munich Re and Swiss Reinsurance Co. would each be responsible for a portion of the penalty.

Under a Spanish law introduced in 2002,...
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