LA VENEZIA/ASSICURAZIONI DEL TIRRENO (Start of full phase investigation)
PRESS RELEASE
The Italian Competition Authority initiated an investigation into the agreement, previously notificated, between Venezia Assicurazioni, life insurance company controlled by Generali Group, and Casse del Tirreno, a banking group.
Casse del Tirreno joins Banca del Monte di Lucca Spa, Cassa di Risparmio di Livorno Spa, Cassa di Risparmio di Lucca Spa and Cassa di Risparmio di Pisa Spa. The banking group works mainly in Tuscany, where it is present with 173 agencies. Signed on January 17th, 1997, the agreement dealt with the distribution of life insurance products through the banker's agencies and contained an exclusive clause which obliged Casse di Risparmio to market only Generali Group's products.
The Italian life insurance market is characterized, both at the national and local level, by high law and consuetudinary barriers to entry; as such., the agreement could prevent substantially new insurance operators from entering the local markets of Lucca, Pisa, Livorno. In these provinces, in fact, the agreement could have anti-competitive effects in virtue of the high market shares held by both Generali and Casse di Risparmio in their respective markets.