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

(Excerpt)

(Friday, October 20, 2023, 10:04 am to 10:25 pm)
 

[Opening remarks:]

Minister)

First, I will speak about matters related to the Financial Services Agency (FSA).
The International Association of Insurance Supervisors (IAIS) is an international organization aimed at establishing international regulations and supervisory standards for the insurance industry. On Wednesday, October 18 Japan time, ARIIZUMI Shigeru, Vice Commissioner for International Affairs of the FSA became the first official from Asian region to be elected as the Chair of the Executive Committee, essentially the supreme decision-making organ of the IAIS. This was announced yesterday.
He will take office as the Chair when the IAIS Annual Conference is held in Tokyo on November 9 of this year.
As the environment that surrounds the insurance industry is undergoing major changes globally, we hope that at the IAIS, the new Chair, Mr. Ariizumi, will take leadership in further advancing international insurance regulation and supervision.

[Questions and answers:]

Q.

Let me ask about the failure of the Zengin system again. The failure affected a total of five million transactions, and the other day, the Zengin Net issued a news release on compensation. Please tell us again about what your opinion is on the recent trouble. Please also tell us about your opinions with respect to compensation, etc., if any.

Minister)

First I feel that it is regrettable that this trouble occurred because it affected various aspects of our lives.
Following this incident, on October 18, the Zengin Net published the agreement of financial institutions affiliated with the Zengin Net to compensate customers for the damage caused by the recent system failure.
The FSA believes that it is important that the Zengin Net and its member financial institutions take careful measures, including appropriate compensation, for all customers affected by the recent system failure. We will also continue to follow up on the recently announced agreement.