North Macedonia's Commission for Protection of Competition (CPC) announced that it has fined ten local insurance companies a total of MKD 17.27 million for coordinating increases in car insurance premiums, SeeNews writes.

According to the CPC, between March 1, 2024 and May 7, 2024, the insurance companies exchanged sensitive information, coordinated their activities, and, within a very short period, made identical or mutually agreed decisions to raise the portion of the mandatory car insurance premium for performing an activity - known as the overhead allowance.

The insurers involved in this coordination are Evroins Osiguruvanje, Triglav Osiguruvanje, AD Makedonija Skopje - Vienna Insurance Group, Sava Osiguruvanje, Eurolink, Grawe, Uniqa, AD Osiguritelna Polisa, Halk Osiguruvanje and Croatia Osiguruvanje.

"Such conduct constitutes a restriction of competition 'by object', i.e. the most serious form of infringement under Article 7 of the Law on Protection of Competition. The exchange of information and parallel pricing decisions replace independent business policy with coordinated collective action on the market, which is strictly prohibited”, the CPC said in its press release.

*EUR 1 = MKD 61.72