Most motor insurers are penalized

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.