By a decision of the Competition Council on Friday, 30 April, the competition authorities' investigation into anti-competitive cooperation in the Icelandic insurance market came to an end. The investigation, which has been ongoing since September 1997, began with raids at the Association of Icelandic Insurance Companies (SÍT) and Íslensk Endurtrygging hf. (ÍE). The investigation has been very extensive and has, among other things, covered the operations of the insurance companies' groupings, cooperation within trade associations, etc. The investigation also focused, following a complaint from the FÍB in June 1999, on the alleged actions of the insurance companies against so-called. FÍB insurance and premium determinations for motor insurance.
The parties to the case, SÍT, ÍE, Sjóvá-Almennar tryggingar hf., Tryggingamiðstöðin hf. and Vátryggingafélag Íslands hf., have agreed to the findings of the investigation and will comply with the instructions issued to them by the Competition Council.
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