The insurer MMA IARD penalized for late payment

The Directorate General for Competition Policy, Consumer Affairs and Fraud Control (DGCCRF) imposed a fine of 500 000 EUR (560 000 USD) on MMA IARD for delayed inter-company payment. This decision is based on the "Transparency Law" of 9 December 2016.

This is the first time since the voting of this law that the penalty threshold exceeds 375 000 EUR (421 000 USD). The objective is to encourage companies to pay their dues on time, with delays in payment being likely to weaken the financial stability of companies, especially SMEs.

The "Transparency Law" imposes fines that can reach 2 million EUR (1,780,000 USD). It also provides for the publication of the sanctions and of the companies concerned in the local press. In 2018, the number of penalties imposed by the DGCCRF was of 263 for a total amount of 17.2 million EUR (15.3 million USD).

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