Insurance companies fined for cartel operation

in Business · 09-08-2019 01:00:00 · 0 Comments
Insurance companies fined for cartel operation

Portugal’s competition authority (AdC) has completed an investigation and concluded that there was a cartel in the insurance sector, fining two companies

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.


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