The Italian Competition Authority opens a monitoring procedure against the parties to a merger insurance
By Article 19 of the Italian Competition Act n. 287/1990 the Italian Competition Authority (ICA) is empowered to open a monitoring procedure against the parties to a merger that has been conditionally cleared to verify the parties’ compliance with the obligations imposed on them in the authorization decision. If the ICA establishes that the parties breached those obligations, it has to fine them. Indeed, according to the case law developed in the application of Article 19 failure in correctly implementing the remedies in conditional clearance decisions has been equated to implement a prohibited merger. With a decision made on 19 June 2012 the (ICA) conditionally cleared the Unipol acquisition of Premafin (case C11524 Unipol/Fonsai ). In order to deal with the competition problems that the proposed transaction would create in many insurance markets, the ICA imposed on Unipol the obligation to sell a number of assets. And In January 2013 the ICA extended the deadline by which Unipol ...