Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Friday, June 30, 2023, 11:01 am to 11:08 am)

 

Q.

Major non-life insurance companies have been ordered by the Financial Services Agency (FSA) based on the Insurance Business Act to report on adjusting insurance premiums under a coinsurance contract for corporations. This is a case that may violate the Antimonopoly Act. How does the FSA intend to respond to the case?

A.

We deeply regret the involvement of the four major non-life insurance companies in the adjustment of insurance premiums under a coinsurance contract for corporations.
In accordance with laws and regulations, the FSA have requested the companies to report on details of the facts of the case, analysis of causes and measures to prevent its recurrence, and we intend to closely examine the content of those reports.
At present, we cannot provide any answer with prejudice as to how we will respond thereafter, but in any case, we believe that it is necessary for insurance companies to develop systems for compliance with laws and regulations, including the Antimonopoly Act, as well as to appropriately protect policyholders. Based on this perspective, we will take appropriate actions.