Yuval Steinitz
Finance Minister Yuval Steinitz at the ministry in Jerusalem in April, 2010. Photo by Tomer Appelbaum
Text size

The Finance Ministry and the Israel Antitrust Authority still haven't been able to come to a compromise on a new antitrust law to decrease the concentration of power in the economy, due to a demand to exempt the insurance companies from the proposal.

The bill is likely to propose that the IAA would be able to force any individuals who hold more than 50% of a given market to take measures to encourage competition.

Finance Minister Yuval Steinitz objects to the proposal, which he says wasn't coordinated with his ministry's insurance commissioner.

His ministry apparently fears such a move could destabilize the insurance companies, and is demanding the IAA exclude them from the proposal. A similar exemption was made for the banking sector, based on a Bank of Israel demand.

Antitrust Commissioner Ronit Kan has stated that she's not wishing to step on the toes of the other regulators, but rather wants to have other checks and balances.