The Competition Council announced on Tuesday that it had sanctioned three companies – Generali SpA UK Branch, Generali Romania and Omniasig – and insurance broker Aon Romania with total fines of 15,120,582 million lei for anti-competitive agreements in the aviation insurance market in Romania. .

500 euro banknotesPhoto: snapshot/Future Image/C Hardt/Shutterstock Editorial/Profimedia

The Competition Council reports that the results of the investigation established the following:

  • Aon România Broker de Asigurare Reasigurare SRL, Assigurazioni Generali SpA UK Branch, Generali România Asigurare Reasigurare SA and Omniasig Vienna Insurance Group SA have come to an understanding and entered into a cooperation agreement aimed at the aviation insurance market for large clients in Romania.
  • Practically, by concluding this agreement, the companies divided their large customers into four auctions organized by them (Romatsa, Compania Nationala “Aeroporturi Bucuresti” – CNAB and Romaero), thus eliminating competition between them.

The companies admitted to violating the Competition Act and, as a result, benefited from a reduced fine. Thus, the Competition Council applied the following sanctions:

  • Aon Romania – 343,731 lei
  • Generali SpA UK Branch – 8,163,743 lei
  • Generali Romania – 1,892,846 lei
  • Omniasig – 4,720,262 lei

About sub-sanctioned companies

  • Aon Romania, part of the Aon Group, is an insurance broker and risk management consultant specializing in the mediation of complex risks, such as those related to the aviation industry.
  • Generali SpA UK Branch is a branch of the Generali group, which is represented in the London aviation insurance and reinsurance market, and Generali Romania, which is part of the same group, is an insurance and reinsurance company operating in the Romanian market.
  • Omniasig is a local insurance and reinsurance company, a member of the Vienna Insurance Group.

The Competition Law prohibits any arrangement or agreement between companies that restricts or distorts competition in the Romanian market, especially those that divide markets.

Decisions of the Competition Council are subject to enforcement, and imposed fines are revenues to the state budget. The National Agency for Tax Administration (ANAF) implements the decision of the antimonopoly authority on the application of sanctions and enforces fines.