El Salvador: Insurers Fined for Anticompetitive Agreements

A ruling was given that there was manipulation and suppression of offers made for the purpose of market-sharing in the AFP’s tender for hiring of Disability Insurance.

Thursday, June 11, 2015

From a statement issued by the Superintendency of Competition (SC):

The Board (CD) of the Superintendency of Competition (SC) has fined the insurance companies Asesuisa Vida, SA, Personal Insurance; Sisa Vida SA Personal Insurance; and AIG Life SA Personal Insurance for violating Art. 25 of the Competition Act (LC), having made an anticompetitive agreement on public procurement procedures called by the Pension Fund Administrators (AFP) Crecer y Confía, for hiring Disability Insurance (SIS) during the period April 2008 to April 2012.

The anti-competitive agreement consisted in manipulation and suppression in market-sharing deals in tenders made by each AFP to hire the SIS, in way that ensured that the tendered policies were awarded to the insurer belonging to the same economic group of the AFP.



More on this topic

El Salvador: End to Conflict in the Flour Market

August 2018

The Superintendence of Competition reported that it has closed the case on flours, after verifying the payment of a fine of more than $1.97 million, a result of the embargo on the bank accounts of Molinos de El Salvador.

The sanction was imposed by the SC, in September 2008, due to the anticompetitive practice of agreeing to divide up the flour market.

Rice Producers to be Fined for Anti-Competitive Practices

June 2017

Twelve rice processors in El Salvador have been sanctioned for having set up an anti-competitive agreement for pricing for rice drying and threshing services.

The economic agents sanctioned are: Arrocera Omoa S.A. de C.V., Arrocera San Francisco S.A. de C.V., Agroindustria Centroamericana S.A.

El Salvador: Sanctions on Flour Producers Ratified

May 2017

The Supreme Court of Justice has ratified the sanctions imposed in 2008 on Molinos de El Salvador and HARISA for anticompetitive practices, and $4 million must be paid in fines.

From a statement issued by the Superintendency of Competition:

Fine Given for Anticompetitive Insurance Practices

September 2014

The Costa Rican State insurance company will have to pay $174,000 as a penalty for "improving any offer made by their competition to their customers."

The Antitrust Commission imposed a fine of 94 million colones ($174,000) on Instituto Nacional de Seguros (INS) in a case reported by the Superintendent of Insurance in 2011, a year after the opening up of the market.

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