Stampa

I702 - Insurances: the Antitrust Authority launches a preliminary investigation against eight companies for alleged vertical agreements restrincting competition by hindering multimandates through clauses in contracts with agents


PRESS RELEASE


PRESS RELEASE

INSURANCES: THE ANTITRUST AUTHORITY LAUNCHES A PRELIMINARY INVESTIGATION AGAINST EIGHT COMPANIES FOR ALLEGED VERTICAL AGREEMENTS RESTRINCTING COMPETITION BY HINDERING MULTIMANDATES THROUGH CLAUSES IN CONTRACTS WITH AGENTS

The investigation was notified today to Unipol, Fondiaria-SAI, Assicurazioni Generali, Allianz, Società Reale Mutua di Assicurazioni, Società Cattolica di Assicurazione, Axa Assicurazioni and Groupama Assicurazioni, and was launched in the light of the reports received by the National Trade Union of Insurance Agents

In a meeting on 05th June 2013, the Autorità Garante della Concorrenza e del Mercato decided to launch a preliminary investigation so as to verify if eight insurance groups have entered into as many vertical agreements aimed at hindering insurance agents from carrying out their multimandate, thus restricting competition.

The investigation was notified today to Unipol Gruppo Finanziario, Fondiaria-SAI, Assicurazioni Generali, Allianz, Società Reale Mutua di Assicurazioni, Società Cattolica di Assicurazione, Axa Assicurazioni, Groupama Assicurazioni. The companies under investigation represent 80% of the insurance premiums within the sectors of damages and tort liability.

In the light of the reports submitted by the National Trade Union of Insurance Agents (SNA), the investigation will be concentrated on the clauses of the agency contracts drawn up by the eight companies. According to the Antitrust Authority, said clauses and related annexes allegedly constitute obligations not to compete, directly or indirectly, likely obliging agents not to sell insurance products in competition with those subject-matter of the agency contract.  

The dispositions concern exclusiveness requiring the agents to be informed as regards other mandates, clauses connected to the use of tangible and intangible assets, as well as commissions related to the maintaining of the client portfolio, and more in general the risk of cancellation.

According to the Authority, the dispositions contained in the contractual relationships among the eight companies and related agency networks could determine vertical restrictions to competition, hindering or even preventing the spreading of agency networks in multimandate. This would avoid the risk of an actual competitive confrontation among the companies in the insurance damages market, and in particular in the tort liability sector. The possible vertical restrictions of the agency contracts could also favour collusive behaviours among the insurance companies under investigation.

The investigation must be closed within 30th June 2014.

Rome, 12th June 2013