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

(Excerpt)

(Tuesday, December 19, 2023, 11:12 am to 11:24 am)

Q.

There is a media report that representatives of the Japan Fair Trade Commission (JFTC) started on-site inspections into four major non-life insurance firms regarding their coinsurance. I would like to ask you about your opinion on two things: information on the facts you have received as the Minister of State for Financial Services and the situation in which the public trust in the non-life insurance industry under your jurisdiction has been seriously damaged.

A.

First of all, I am aware of the media report that the JFTC started on-site inspections into four major non-life insurance firms. With respect to the inspections, please ask the JFTC. As the Financial Services Agency (FSA), we would like to refrain from commenting. The reason is that I believe that the JFTC is an independent organization.
Regarding the issue of the FSA's so-called pre-adjustment actions, I believe that the most important thing is to prevent this from happening again. With regard to this, based on reports from each firm at the end of September of this year, we are in the process of ascertaining the actual situation and analyzing the true causes, and we are currently conducting a final fact-check.
In the future, based on the results of the examination, etc., if problems are found, we will take strict action in accordance with relevant laws and ordinances. The important thing is to prevent this type of incident from happening again.