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

(Excerpt)

(Tuesday, November 28, 2023, 8:45 am to 8:49 am)

Q.

Please give us a perspective on the administrative action against the four non-life insurance companies regarding insurance premium adjustments.

A.

At this time, we have not yet made any decisions regarding the content or timing of administrative measures regarding insurance premium adjustments by these major non-life insurance companies.
We received reports from each company at the end of September this year, and since then we have continued to conduct interviews with each of them to ascertain the actual situation and are now working to analyze the root cause.
It is necessary for insurance companies to improve their compliance with laws and regulations, including the Act on Prohibition of Private Monopolization and Maintenance of Fair Trade, and to appropriately protect insurance policyholders, etc. In light of this, we will proceed with this case based on the policy of taking strict action according to relevant laws and regulations if any problem is found after a close examination of the report.