Advertisements

Amid cartel allegations, Japan orders four insurers to improve business practices

by Celia

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.

Advertisements

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.

Advertisements
Advertisements

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.

Advertisements

You may also like

blank

Bedgut is a comprehensive insurance portal. The main columns include commercial insurance, auto insurance, health insurance, home insurance, travel insurance, other insurance, insurance knowledge, insurance news, etc.

[Contact us: [email protected]]

© 2023 Copyright  bedgut.com