NIZHNY NOVGOROD, March 30 - RAPSI. The court of appeals upheld the decision to fine Russia's largest insurance company Rosgosstrakh $3,400 for disseminating false information about its competitor.

The antimonopoly agency initiated the case in 2011. A check established that one of Rosgosstrakh's managers made false statements regarding the Podderzhka (Support) government-controlled insurance company.

He called it a fly-by-night company having no license to engage in insurance.

Podderzhka has been operating on the market since 1992. Chuvashia's government owns a 34.36 percent stake in the company's charter capital.

Rosgosstrakh was founded in 1921 and is Russia's largest insurance company providing a broad range of insurance services. Rosgosstrakh comprises about 3,000 agencies and insurance departments.