By Susan Ning, Weiqing Qiu and Kate Peng King & Wood Mallesons’ Commercial & Regulatory Group
O
n February 3, 2016, China’s State Administration for Industry and Commerce (“SAIC”) announced its first decision in 2016: SAIC’s Jiangxi provincial branch imposed penalties on 17 local insurance companies for concluding and implementing anticompetitive agreements to divide the casualty insurance market for construction projects in Jiangxi. The fines imposed in the case ranged from 5,934 ($902) yuan to 2,091,970 yuan ($317,979).
Continue Reading A Simple Tip to Undertakings: Coinsurance or JV Arrangement Cannot Circumvent Cartel Prohibition