Spain’s CNMC Investigates Insurance Market Over Possible Anti-Competitive Agreements

Key Takeaways

• Competition Probe Underway: Spain’s competition authority has opened an investigation into possible anti-competitive conduct involving insurance companies and insurance brokers.
• Inspections Conducted: Regulators carried out inspections at the headquarters of several insurers and brokerages between February 24 and 26, 2026.
• Focus on Claims Practices: The investigation is examining whether companies coordinated coverage in claims compensation cases and exchanged sensitive information about clients and professional fees.
• Possible EU and National Law Breaches: If confirmed, the conduct could violate Spain’s Competition Defense Law and Article 101 of the Treaty on the Functioning of the European Union.
• Significant Penalties Possible: Serious infringements of competition law can lead to fines of up to 10 percent of a company’s total annual turnover.

Deep Dive

Spain’s National Commission for Markets and Competition (CNMC) has launched an investigation into potential anti-competitive conduct within the country’s insurance sector, examining whether insurers and insurance brokers may have coordinated aspects of claims handling and market practices.

The inquiry was announced by the CNMC, which said it is analyzing possible agreements or coordinated behavior between companies operating in the insurance market.

At the center of the investigation are concerns that firms may have worked together in ways that could restrict competition. According to the regulator, the suspected practices could involve coordination around coverage for compensation claims following losses or damages, as well as the exchange of information about clients.

Authorities are also reviewing whether companies shared details about the fees paid to professionals involved in claims processes or imposed vetoes against certain professionals, practices that could potentially shape how services are delivered within the insurance ecosystem.

Inspections Mark Early Stage of Investigation

As part of the probe, officials from the National Commission for Markets and Competition carried out inspections at the headquarters of several insurance companies and brokerages between February 24 and 26.

These inspections represent a preliminary step in the investigative process, typically used by competition authorities to collect evidence when evaluating suspected anti-competitive conduct.

The regulator emphasized that the inspections do not prejudge the outcome of the investigation or imply that the companies involved have committed any violations. At this stage, the process remains exploratory and could lead to a formal sanctioning procedure if sufficient evidence is identified.

Potential Breaches of Spanish and EU Competition Rules

If the conduct under review is confirmed, it could amount to violations of Article 1.1 of Spain’s Competition Defense Law and Article 101 of the Treaty on the Functioning of the European Union, both of which prohibit agreements or coordinated actions that distort competition.

Under Spain’s competition framework, such behavior could be classified as a very serious infringement. Companies found to have engaged in anti-competitive arrangements may face fines of up to 10 percent of their total turnover in the year preceding the penalty.

The National Commission for Markets and Competition has not publicly identified the companies involved, and the investigation remains ongoing. For the insurance sector, the probe highlights the scrutiny regulators are placing on how firms interact with competitors and manage relationships across the claims and professional services ecosystem.

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