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Updated December 26th, 2023 at 17:48 IST

Japan issues business improvement order to 4 non-life insurance firms

These companies were directed to provide a report to regulators, investigating whether they collaborated during client contract preparations.

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Japan | Image:Unsplash
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Japan issues business improvement order to 4 non-life insurance firms

Japan's Finance Minister Shunichi Suzuki announced that four major non-life insurance companies—Aioi Nissay Dowa Insurance, Sompo Japan Insurance, Tokio Marine & Nichido and Mitsui Sumitomo Insurance—have been instructed to enhance their business practices to address concerns regarding anti-competitive behaviour aimed at maintaining high premiums.

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These companies were directed to provide a report to regulators, investigating whether they collaborated during client contract preparations. Suzuki emphasised the need for a clear delineation of management responsibilities and a comprehensive overhaul of management controls.

Stressing on the inconsistency of their actions with Japan's antitrust laws, Suzuki highlighted the necessity for these insurers to take this directive seriously and implement robust measures to prevent similar occurrences in the future.

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(With Reuters inputs)

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Published December 26th, 2023 at 12:20 IST

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