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Vietnam Economic News

Vietnam Business » Vietnam Economic News » Fines for collusion in the insurance rate hike

Fines for collusion in the insurance rate hike

The Ministry of Industry and Trade Competition Council has 19 insurance companies for infringement of competition law by condemning each other to increase insurance premiums for motor vehicle fines.

Bach Van Mung, Head said the competition department of the ministry, that the following results of research in the department and the decision of the Competition last Thursday, the 19 companies were each 0.025 percent of the total fine 2007th This would have the companies to pay a total of VND1.7 million (U.S. $ 90,000). On 15 September 2008, 15 of the 19 insurance companies signed an agreement and raised insurance premiums amount to motor vehicles by 1.3 percent to 1.56 percent of their retail value. 1 October 2008, the four other companies is the pact. After complaints from customers and other insurance companies, 19 companies had worked together to undermine the competence of other companies. would be competition of the Ministry in November 2008 decided to investigate these allegations and concluded they are true. "Of the 25 insurance companies in the motor vehicle insurance at the time, the 19 companies, 99.79 percent of market share in the country., It violates the agreement of the Competition Act," said Mung. Dinh Trung Tung, a member of the Council of Competition, said the deal of the motor insurance market was damaged. No Gia Phan, president of the Vietnam Standards and Consumers Association, said the clients were directly affected by the agreement have, have the right to compensation. The division of the competition is also necessary to clearly the impact of the agreement on the customer, "said Phan.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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