Magazine date:
Oct 2010 The ministry of industry and trade has penalized 19 insurance companies out of 25 for illegal fixing of motor insurance tariffs. Facts date back to the 2007-2008 period but sanctions took place only today. The 19 companies account for 99.79% of the market. The 0.025% penalty of the 2007 turnover, that is, 88 000 USD, is well below the 10% required by the law for such a case. The ministry justifies this decision by characterizing the fine as a mere warning.