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India: CCI Penalises for insurance cartel

By  |  July 21, 2015

In an order dated 10 July 2015, the Competition Commission of India has found a cartel among certain public sector insurance companies in India and has imposed a penalty at the rate of 2 per cent of their average turnover of the last 3 financial years, aggregating to 105.83 million approx.

The information related to alleged ‘bid rigging’ by the Insurance Companies, in the tender floated by the Government of Kerala on 18 November 2009 for selecting the insurance service provider for implementation of the ‘Rashtriya Swasthya Bima Yojana’. The Tender is intended as public procurement for social welfare schemes for families below the ‘poverty line’.

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