Watchdog's appeal against Ingosstrakh to be heard in court
MOSCOW, September 29 - RAPSI, Alyona Yegorova. A commercial court of appeals will hear on October 16 an antimonopoly watchdog's appeal against the invalidation of its decision on a major insurer's breach of law, the court told the Russian Legal Information Agency (RAPSI).
The Ingosstrakh insurance company has been operating on the international and domestic markets since 1947. It is one of Russia's leading insurance companies operating in 231 Russian cities. The company has a host of representative offices and subsidiaries working abroad.
The Federal Antimonopoly Service (FAS) believes the insurance company violated competition law while granting mortgage loans to the Bank of Moscow, one of the largest banks in Russia.
The Moscow Commercial Court satisfied Ingosstrakh's lawsuit and invalidated the decision, the instructions and the fine for the company worth $3,090.
The service appealed the decision in an appeals court. The appeal was shelved since the watchdog provided no proof that it sent an appeal to the other parties to the dispute. If the violations are eliminated, the appeal will be examined.
The service found that another six insurance companies also violated the law.