Vinculación de seguros con productos bancarios y libre competencia

Abstract

This Doctoral Thesis studies the unlawfulness of the practice of linking insurance to banking products and services, within the scope of application of antitrust law. The distribution of private insurance by loan institutions has become the main distribution channel in Spain. Analysis of this exponential growth has been carried out based, in particular, on legal and financial grounds which have encouraged the development of the bancassurance channel ahead of the other traditional channels. The active presence of loan institutions in insurance products and brokerage has caused significant changes to the Spanish insurance market. Ultimately, this has allowed them to use an extensive bank branch and office network to promote the sale of insurance linked to their traditional products, particularly those provided by their insurance subsidiaries. Taking applicable law and decisions by the competent authorities and Law Courts with jurisdiction into account, the research covers the various tie-in practices and their prevalence in the retail banking market. The results of the study show a possible coordination of behaviour between loan institutions, whose ultimate intention is that this advantageous position prevails and obstructs development of effective competition on the insurance market. The creation of high barriers to entry by other competitors has not only significantly altered market structure, but also has caused countless damages and abuses to consumers who, as a result of this commercial strategy, cannot benefit from products distributed by other providers under normal competitive conditions.