September 10, 2009 Joint Commission of FAS Russia and the Central Bank will continue to review the case for Sberbank of Russia and 32 insurance companies on grounds of violation of article 11 of Federal Law On Protection of Competition (prohibition of concerted actions and agreements that restrict competition).

The decision adopted FAS 4 Aug, 2009 because of the need to assess the consistency of the Savings Bank of the project requirements for insurance companies and insurance service to the RF Government On the admissibility of cases, the agreements between credit and insurance organizations. Antimonopoly Service Commission also decided to draw the 11 insurance companies to participate in the case as defendants.

FAS Russia initiated a case in connection with the conclusion of Sberbank of Russia agreements with insurance companies on the basis of a tender from 27.12.2006 year. Subject of the agreement - define the conditions and modalities for implementing the interaction between the parties in the property insurance of natural and legal persons and individual entrepreneurs, mortgaged to its obligations or commitments of third parties to the bank.

The agreements included the duty of the insurance companies support the turnover for calculation (current) accounts of the insurer in the Sberbank of Russia, and balances on these accounts in accordance with the agreements amount. Insurers also had to undertake investments in securities Sberbank (certificates of deposit, promissory notes) and to maintain balances on deposit insurance at the bank in the amount specified in the agreements.

This may lead to restriction of competition in the banking market. In addition, these agreements have been established rates, for which insurance companies were obliged to take out insurance of mortgaged Sberbank of Russia of property. Thus, the agreement prevented the self-identification of each insurance company insurance tariffs, taking into account the object of insurance and the nature of insurance risk, and as a result of limiting the possibility of price competition of insurers.

Also, Sberbank of Russia signed an agreement with insurance companies on cooperation in the period from 23.06.2008 until 24.02.2009 year, which specifies requirements for insurance companies in setting the amount of equity capital, the amount of insurance premiums, the size of net assets of the insurance company. In this system the selection of competition in the insurance market is limited, since not all insurance companies that are licensed to perform insurance activities have the opportunity to fight for a particular insured (the borrower), inviting him to their insurance.

Sberbank of Russia acknowledged that the agreement with the insurance companies have provisions that restrict competition and are unacceptable under the antimonopoly legislation. The bank said the non-participation in such agreements, to use the exemption from administrative liability under Article 14.32 Code of Administrative Offenses. In support of his argument, Sberbank has made information about such agreements.

At the present time Sberbank of Russia unilaterally terminated all cooperation agreements concluded with the insurance organizations. The Commission presented a draft of FAS bank requirements to insurance companies and insurance services.
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