The Japanese government has instructed four major non-life insurance companies to revise their business practices in response to allegations of anti-competitive behavior.
Finance Minister Shunichi Suzuki, as reported by Reuters, declared the directive specifically targets Aioi Nissay Dowa Insurance, Sompo Japan Insurance, Tokio Marine & Nichido, and Mitsui Sumitomo Insurance.
Previously, these insurers were called upon to provide information to the regulatory body regarding potential collusion in establishing contract terms for clients. The accusations suggest a possible coordination among the companies that could impact premium rates.
In response to the government’s order, all four insurance firms issued statements acknowledging the gravity of the directive and expressing their commitment to restoring public trust.
Minister Suzuki underscored the necessity for transparent accountability in the companies’ management structures and called for comprehensive reforms in management controls. He highlighted that the insurers’ actions were largely inconsistent with the principles of Japan’s antitrust law.
Suzuki emphasized that the government anticipates each company to treat this matter seriously and to implement effective measures to prevent similar incidents in the future. This development reflects a broader initiative by Japanese authorities to ensure fair competition and transparency in the insurance sector.
