Wednesday, August 16, 2017

Severnaya Kazna Insurance Company fined by Antimonopoly Service for unfair competition

OOO Severnaya Kazna Insurance Company was issued a $3,000 fine by the Federal Antimonopoly Service this week for unfair competition practices on the auto insurance market.

In January, the FAS committee declared the company's illegitimate use of the "50/50" sign as being indistinguishable from trademarks 368033 and 372059, which belong to AlfaStrakhovaniye. The usage was seen as unfair competition and a violation of Article 14, part one, paragraph four, of the Federal Competition Protection Act, Ural Business Consulting reports.

Unfair competition is categorized as the launch of a product accompanied by the illegitimate use of someone's intellectual property or equivalent means of making a product, work or service unique. It is punishable by an administrative fine on legal entities of up to 15 percent of the revenues the offender has made from selling the work and can be no less than $3,000, according to Article 14.33, part two.

Likewise, Article 14, part one, paragraph four, of the Federal Competitions Protection Act 135-FZ, states that it is illegal to engage in unfair competition through selling, exchanging or otherwise introducing a product with the illegitimate use of someone's intellectual property or equivalent means of making a legal entity, a product, work or a service unique, Ural Business Consulting reports.