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An in-depth investigation by the Competition Authority has shed light on an extortion scheme that several banks have built with credit insurance commissions. The most serious case is that of Raiffeisen, which charges citizens an intermediary commission of up to 50 percent of the consumer credit insurance policy.
"The high level of brokerage commissions applied in this market raises doubts about the exploitation of a dominant position to the detriment of the consumer," says the Competition Authority, explaining with a footnote that the brokerage commissions that Raiffeisen applies as a broker reach up to 50 percent of the policy for consumer loans. In other banks, the brokerage commission fluctuates around the level of 25 percent of the policy.
Competition Authority Investigation
The Competition Investigation has revealed that Raiffeisen had an exclusive agreement with the Sigal company, where it directed all citizens who received consumer loans to purchase an insurance policy from this company, thus establishing a closed monopoly.
Raiffeisen itself, in its role as broker, kept half of the insurance policy from citizens, charging them an extortionate cost.
"The exclusive agreement established for the consumer credit segment with the company Sigal Life creates indications of the possibility that the bank's behavior has produced restrictive effects on competition and has oriented citizens towards the bank's preferred company," the investigation states.
The Competition Authority decided not to fine Raiffeisen despite the extortionate practices applied by the bank, but intervened by forcing it to compile a single form with all the offers of insurance companies, leaving citizens to decide for themselves where they want to be insured. In parallel, the Competition Authority ordered the bank to amend Article 10 of the standard loan contract by specifying the borrower's right to insure life in any of the insurance companies licensed by the AFSA.
But Raiffeisen is not the only bank that has implemented illegal practices in the credit insurance market. UBA Bank and Union had also created a closed monopoly circle within themselves, while in other banks there are suspicions about the orientation of customers towards preferred insurance companies.
However, the Competition Authority did not fine any of the banks, but intervened through administrative orders, prohibiting exclusive agreements and changing the practices through which banks limit competition in this market./ Kapitali
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