Accusations of Anti-Competitive Practices in Insurance Industry

The National Insurance Institute of Costa Rica is under investigation for price reductions that could constitute a violation of the Law on Promotion of Competition.

Monday, December 5, 2011

The open procedure by the Commission to Promote Competition (COPROCOM) is the only one that has been presented since the opening of the insurance market in 2008.

"If it is shown that there have been monopolistic practices, the INS could be fined up to 410 times the minimum wage.

Where the commission considers that there has been particularly serious conduct, it may impose a penalty equal to 10% of sales or up to 10% of assets. Of these two options, whichever is higher.

According to the Commission, the INS has filed an appeal for reconsideration against the filing of this regular procedure", reported Nacion.com



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