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The District Court finds for the Competition Authority with regard to collusion by insurance companies

5/28/2006

The District Court of Reykjavík has found in favour of the Competition Authority in the case of the Sjóvá Almennar Insurance Company vs. the Competition Authority and the State of Iceland The case has its origins in the fact that in February 2005 the competition authorities imposed on the Sjóvá-Almennar insurance company a fine of ISK 27 million for illegal collusion with the insurance companies Vátryggingafélag Íslands and Tryggingamiðstöðin (the three largest non-life insurance companies in Iceland) in its introduction of the so-called Cabas damage assessment system. Previously, Vátryggingafélag Íslands and Tryggingamiðstöðin had entered into a settlement with the competition authorities where the companies admitted to colluding on the introduction of the system and agreed to pay fines of ISK 15 and 18.5 million respectively.
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