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India: CCI imposes $106 million penalties on state-run insurers

 |  July 16, 2015

Antitrust regulator, Competition Commission of India (CCI), has imposed 6.71 billion rupees of penalties on four state-run general insurance companies over anti-competitive practices, according to an order dated July 10 on the regulator’s website.

The order alleges cartelisation by the insurance companies in rigging bids submitted in response to the tenders floated by the government of Kerala for selecting insurance service provider for a scheme.

According to the CCI, the case related to bid rigging in public procurement for social welfare schemes, the beneficiaries of which were BPL and poor families and “as such the same was taken as an aggravating factor”.

Full content: The Indian Express

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