CCI imposes Rs 671-crore penalty on four state-run insurers 

Competition Commission of India (CCI) has slapped Rs 671 crore penalty on four state-run insurance companies — National Insurance, New India Assurance, Oriental Insurance and United India Insurance — for cartelisation and indulging in anti-competitive practices. It was alleged in the anonymous information that these four rigged the tender floated by the government of Kerala on November 18, 2009 for selecting insurance service provider for implementation of the ‘Rashtriya Swasthya Bima Yojna’ for the year 2010-11.The probe concluded that the four companies colluded with each other and manipulated the tendering process initiated by the Kerala government.