Turkey fines 5 insurance companies for violating competition law

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The Turkish Competition Board has fined five insurance companies for violating the competition law following an investigation, the watchdog said on Tuesday, according to Reuters.

Allianz Sigorta, Dubai Starr Sigorta, Ergo Sigorta, Eureko Sigorta and Sompo Japan Sigorta will pay fees amounting to 0.2 percent-0.8 percent of their annual revenues from 2018, the watchdog said.

The competition authority had launched an investigation into eight insurance companies in June 2018.

AKSigorta, Axa Sigorta and Zurich Sigorta were not subject to punishment.

Meanwhile, Turkey’s Treasury Ministry fined Yapı Kredi 187.1 million lira ($31.6 million) for violating an insurance law, the private bank said on Monday, days after Akbank announced it received a similar penalty.

The law the banks violated prohibits sharing false information regarding companies’ services, actions that can harm clients and delaying compensation payments, among other infractions.

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