Japan problems service enhancement order to 4 non-life insurance companies

TOKYO: Japan bought 4 significant non-life insurance provider to enhance service practices in connection with anti-competitive activity that intended to keep premiums high, Financing Minister Shunichi Suzuki stated on Tuesday.

The order was released to Aioi Nissay Dowa Insurance Coverage, Sompo Japan Insurance Coverage, Tokio Marine & & Nichido and Mitsui Sumitomo Insurance coverage, Suzuki stated.

The 4 had actually been asked to report to the regulator on whether they participated in previous assessments with each other when preparing agreements for customers, domestic media have actually reported.

” With this order, we advised them to make it clear where management obligation lies and to completely revamp management controls,” Suzuki informed press reporters.

He stated the 4 insurance companies engaged commonly in activities that were incompatible with the spirit of Japan’s antitrust law.

” We will require that each of these business take this matter seriously and look for extensive reactions to avoid a reoccurrence.”

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