Both Lusitania and Zurich insurance companies have been fined along with two board directors and two department directors to the sum of €42 million.

A further €12 million has already been paid by two other companies, Fidelidade and Multicare, under the same process.

A communiqué issued by the AdC said that this was the first cartel in the Portuguese financial sector to be punished and that the fine was the highest ever.