In early November, the Spanish Competition Commission fined several insurers and reinsurers for setting minimum prices in the building defect insurance market. The Commission claimed that their investigation had determined that, beginning in 2002, the two leading insurers in this market (Asefa and Mapfre) agreed to the rates that they would charge builders for building defect insurance, and that they then enlisted the support of three large reinsurers in this market (Swiss Re, Scor, and Munich Re) to ensure that they set reinsurance rates at levels high enough to ensure no other insurer would be able to offer insurance in competition with Asefa and Mapfre at lower rates. The Commission also announced that its investigation concluded that another insurer, Caser (the third largest building defect insurer by market share), joined the conspiracy in 2006.
The insurers and reinsurers were fined a total of $180 million, which is the largest fine ever imposed by the Spanish Competition Commission. Each of the insurers and reinsurers was fined at least $20 million, with the largest fine being imposed on Asefa, which was fined $41 million. The insurers can appeal their fines to the Spanish courts.