Allianz Malaysia, 21 others, fined for violating competition rule

Allianz Malaysia, 21 others, fined for violating competition rule | Insurance Business

Allianz Malaysia, 21 others, fined for violating competition rule
The Malaysia Competition Commission (MyCC) has decided to fine Allianz Malaysia Bhd and 21 other members of General Insurance Association of Malaysia (PIAM) a total of MYR213.45 million (US$48.1 million)  for violating anti-competition laws.
 
The decision came from the MyCC’s investigation of a deal between the PIAM and the Federation of Automobile Workshop Owners’ Association of Malaysia (FAWOAM) regarding discounts of certain auto parts and hourly labour rates for auto repair shops under the PIAM Approved Repairers Scheme.

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In a stock exchange filing with Bursa Malaysia on Friday, Allianz General Insurance Co. said that its share of the fine amounts to MYR27.48 million (US$6.2 million) and that the insurer is looking at legal remedies to contest the fine, noting that the MyCC’s decision is still not final.
 
Allianz maintains that it did not violate Section 4(2)(a) of the Competition Act of 2010 in its dealings with FAOWAM.

 
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