Today, the Reykjavík District Court ruled in favour of the Competition Authority in the case of Sjóvá-Almennar tryggingar hf. against the Competition Authority and the Republic of Iceland. The case stems from the fact that in February 2005, the competition board of Sjóvá-Almennar fined the company 27 million for unlawful collusion with the Insurance Association of Iceland and Tryggingamiðstöðin in the implementation of the so-called Cabas damage assessment system by decision No. 9/2005. Previously, Vátryggingafélag Íslands and Tryggingamiðstöðin had reached a settlement with the competition authorities, in which the companies admitted to having engaged in illegal collusion during the implementation of the system and agreed to pay fines of 15 and 18.5 million respectively. The Competition Council's decision was later largely upheld by the Appeal Board of Competition Affairs. Following the Appeal Board's ruling, Sjóvá-Almennar initiated legal proceedings against the Competition Authority to have the ruling overturned. As previously stated, the Reykjavík District Court today rejected the company's claim and upheld the finding that the company had been guilty of illegal collusion. Sjóvá-Almennar was ordered to pay the costs of the case.
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