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Namibia: Regulator imposes first cartel fine

By  |  August 17, 2016

Together with the Professionals Provident Society Insurance Limited South Africa and Namibia have agreed to pay a fine of N$15 million imposed on them by the Namibian Competition Commission on allegations of colluding.

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    The fine, more specifically referred to as a “pecuniary penalty” in the Competition Act of 2003, was agreed as part of settlement discussions which were convened between the Namibian Competition Commission (NaCC), Sanlam and Professionals Provident Society Insurance Limited (PPS), from 1 to 2 August 2016.

    The NaCC’s acting CEO Vitalis Ndalikokule yesterday said Sanlam entered into a marketing agreement with Professionals Provident Society Insurance Limited, which in the commission’s view was intended to impede competition within the long-term insurance industry by dividing or allocating market space amongst themselves.

    “This conduct is specifically prohibited in terms of Section 23 of the Competition Act,” he stated.

    Market allocation typically involves competitors carving up the market and agreeing not to compete for certain customers or in certain geographical areas.

    Full Content: The Namibian

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