FSA Weekly Review No.516 December 1, 2022

FSA Weekly Review No.516: December 1, 2022

What’s New on the FSA Website

Week of November 18, 2022 - November 24, 2022

This page contains the latest in events, developments, and updates to the FSA website.

Public Comments

November 18, 2022	Publication of the finalized amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" and to "Comprehensive Guidelines for Supervision of Authorized Specified-Insurers" (provisional English title) after public consultation <Summary> The FSA finalized the amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" and to "Comprehensive Guidelines for Supervision of Authorized Specified-Insurers" (provisional English title) after public consultation. The amendments ensure that corporate initiatives to improve accessibility for customers with disabilities are permanently instilled in the insurance business sector. The amendments took effect on November 18, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20221118/20221118.html

November 18, 2022

Publication of the finalized amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" and to "Comprehensive Guidelines for Supervision of Authorized Specified-Insurers" (provisional English title) after public consultation
<Summary>
The FSA finalized the amendments to "Comprehensive Guidelines for Supervision of Insurance Companies" and to "Comprehensive Guidelines for Supervision of Authorized Specified-Insurers" (provisional English title) after public consultation.
The amendments ensure that corporate initiatives to improve accessibility for customers with disabilities are permanently instilled in the insurance business sector. The amendments took effect on November 18, 2022.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/hoken/20221118/20221118.html open new window

Press Releases

Policies

November 22, 2022	Publication of the "Policy Evaluation Implementation Plan for FY 2022" <Summary> The FSA published its "Policy Evaluation Implementation Plan for FY 2022." To ensure objectivity and improve the quality of evaluation, the plan has been reviewed by outside experts, and their inputs are reflected in the plan. The FSA will conduct policy evaluation pursuant to the plan and the results will be published in due course. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/20221122/20221122.html

November 22, 2022

Publication of the "Policy Evaluation Implementation Plan for FY 2022"
<Summary>
The FSA published its

"Policy Evaluation Implementation Plan for FY 2022." open new window

To ensure objectivity and improve the quality of evaluation, the plan has been reviewed by outside experts, and their inputs are reflected in the plan. The FSA will conduct policy evaluation pursuant to the plan and the results will be published in due course.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/20221122/20221122.html open new window

Councils

November 24, 2022	Publication of the agenda and handouts of the third meeting of the "Working Group on Corporate Disclosure" (FY 2022) of the Financial System Council <Summary> The FSA published the agenda and handouts of the third meeting of the "Working Group on Corporate Disclosure" (FY 2022) of the Financial System Council, which was held on November 25, 2022. The working group secretariat (i.e. the FSA) gave a briefing on the topic of frequency and timing of corporate disclosure (inclusive of quarterly corporate disclosures), followed by a discussion. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/singi_kinyu/disclose_wg/siryou/20221125.html
November 21, 2022	Publication of the agenda and handouts of the fourth meeting of the "Customer-Oriented Business Conduct Task Force" (provisional English title) of the Financial System Council <Summary> The FSA published the agenda and handouts of the fourth meeting of the "Customer-Oriented Business Conduct Task Force"* (provisional English title) of the Financial System Council, which was held on November 22, 2022. Based on the key issues discussed at the previous meetings, a discussion was held on the contents of the "Customer-Oriented Business Conduct Task Force Interim Report" (draft) [provisional English title] (available only in Japanese). * This task force was launched by "Working Group on Capital Market Regulations" (provisional English title) of the Financial System Council to further discuss matters related to the customer-oriented business conduct. The FSA serves as the secretariat of both the task force and the working group. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/singi/singi_kinyu/kokyakuhoni_tf/siryou/20221122.html
November 18, 2022	Establishment of "Japan Corporate Governance Forum"
November 18, 2022	The third meeting of the Working Group on Corporate Disclosure of the Financial System Council

Banks

November 18, 2022	Overview of modifications to lending conditions by cooperative financial institutions <Summary> The FSA published an overview of modifications to lending conditions made by cooperative financial institutions for the period from March 10, 2020 to September 30, 2022. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.html

November 18, 2022

Overview of modifications to lending conditions by cooperative financial institutions
<Summary>
The FSA published an overview of modifications to lending conditions made by cooperative financial institutions for the period from March 10, 2020 to September 30, 2022.

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/ordinary/coronavirus202001/kashitsuke/20200430.html open new window

Insurance

November 22, 2022	Approval for the plan filed by Pets Best Japan Co., Ltd. in regard to the transfer, etc. of insurance policies (The Kanto Local Finance Bureau) <Summary> The Kanto Local Finance Bureau approved the plan for the transfer, etc. of insurance policies filed by Pets Best Japan Co., Ltd. The plan was filed in response to the administrative action taken by the Bureau against Pets Best Japan Co., Ltd. on September 1, 2022, where the administration of business and property by the receivers and receiver representatives of the said insurer was ordered pursuant to Article 241, paragraph (1) of the "Insurance Business Act." The plan states that Aflac Life Insurance Japan Ltd. will be the sponsor of Pets Best Japan Co., Ltd., and that the new small amount and short term insurance company to be established by Aflac Life Insurance Japan Ltd. will assume services regarding payment of insurance policies, unpaid claims, and so forth held by Pets Best Japan Co., Ltd. Since the implementation of the plan is expected to end the delay in payment of insurance claims, etc., the Bureau, in conjunction with its approval of the plan, also approved the resumption of Pets Best Japan Co., Ltd.'s business operations involving policy renewals, in response to an application filed by the receivers. An outline of the plan is available only in Japanese on the Bureau's webpage. The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/news/r4/hoken/20221122.html

November 22, 2022

Approval for the plan filed by Pets Best Japan Co., Ltd. in regard to the transfer, etc. of insurance policies (The Kanto Local Finance Bureau)
<Summary>
The Kanto Local Finance Bureau approved the plan for the transfer, etc. of insurance policies filed by Pets Best Japan Co., Ltd. The plan was filed in response to the administrative action taken by the Bureau against Pets Best Japan Co., Ltd. on September 1, 2022, where the administration of business and property by the receivers and receiver representatives of the said insurer was ordered pursuant to Article 241, paragraph (1) of the "Insurance Business Act."
The plan states that Aflac Life Insurance Japan Ltd. will be the sponsor of Pets Best Japan Co., Ltd., and that the new small amount and short term insurance company to be established by Aflac Life Insurance Japan Ltd. will assume services regarding payment of insurance policies, unpaid claims, and so forth held by Pets Best Japan Co., Ltd.
Since the implementation of the plan is expected to end the delay in payment of insurance claims, etc., the Bureau, in conjunction with its approval of the plan, also approved the resumption of Pets Best Japan Co., Ltd.'s business operations involving policy renewals, in response to an application filed by the receivers.
An outline of the plan is available only in Japanese on the Bureau's webpage. open new window

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/news/r4/hoken/20221122.html open new window

Others

November 21, 2022	The FSA's initiatives for the reduction of food loss as well as food donation through the effective use of a portion of the government's emergency food reserves <Summary> From the perspective of reducing food loss and supporting people in need, the FSA has been engaging in food donation to food bank (hunger-relief) organizations and other outreach groups since August 2021, by making effective use of a portion of food reserves (mainly non-perishable foods, such as canned goods) that are originally kept for disaster-relief/emergency by the government. The FSA has called for applications for its seventh offering of a portion of its emergency food reserves subsequent to the previous offering made in October 2022. (The offering is for residents in Japan). The original press release is available in Japanese at the following URL. https://www.fsa.go.jp/choutatu/choutatu_j/choutatsu_saigaisyokuhin.html

November 21, 2022

The FSA's initiatives for the reduction of food loss as well as food donation through the effective use of a portion of the government's emergency food reserves
<Summary>
From the perspective of reducing food loss and supporting people in need, the FSA has been engaging in food donation to food bank (hunger-relief) organizations and other outreach groups since August 2021, by making effective use of a portion of food reserves (mainly non-perishable foods, such as canned goods) that are originally kept for disaster-relief/emergency by the government.
The FSA has called for applications for its seventh offering of a portion of its emergency food reserves subsequent to the previous offering made in October 2022. (The offering is for residents in Japan).

The original press release is available in Japanese at the following URL.
https://www.fsa.go.jp/choutatu/choutatu_j/choutatsu_saigaisyokuhin.html open new window

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