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

(Excerpt)

(Tuesday, October 3, 2023, 11:02 am to 11:14 am)

Q.

I understand that you received a report on September 29 on the alleged coordination between non-life insurers for premiums. Would you please let us know the facts currently figured out by the FSA and the course of action in dealing with the matter in the future?

A.

Regarding the alleged coordination for premiums, the FSA received reports from non-life insurers on Friday, September 29. Currently, the FSA is carefully examining the reports to find out what really took place and carrying out analyses to identify the actual cause of the malpractice. 
On top of that, since insurers need to develop a scheme for compliance with laws and regulations, including the Anti-Monopoly Act, and work appropriately for the protection of policyholders and other stakeholders, we will consider taking appropriate actions in the future without prior judgment, including requests for additional reports according to laws and regulations, depending on any problem found through careful examination of the reports.

Q.

Would you please tell us how much progress has been made in the inspections on Sompo Japan and BIGMOTOR and when the matter will be settled if you have any estimate at the moment? 

A.

The reports have just been received and are under thorough examination. As to your question of how long it will take to settle the matter, it will depend on the results of the examination, which might take some time.
We intend to surely carry out close examination of the reports, and should any problem arise, we will take proper actions according to laws and regulations.
Inspectors have recently started on-site inspections to BIGMOTOR and Sompo Japan. As I mentioned earlier, we will analyze the results of the inspections and take proper actions.