Japan insurers to report inappropriate practices after internal probes -Nikkei
28/09/2023 24:50
TOKYO, Sept 28 (Reuters) - Japan's four biggest casualty
insurers found inappropriate business practices in dealings with
more than 100 corporate clients combined after conducting
internal probes on alleged price fixing, the Nikkei business
daily reported on Thursday.
Tokio Marine & Nichido Fire Insurance 8766.T , Sompo Japan
Insurance 8630.T , Mitsui Sumitomo Insurance 8725.T and Aioi
Nissay Dowa Insurance, will report the findings to the Financial
Services Agency by Friday, the Nikkei reported, without saying
where it got the information.
The FSA had ordered them to look into their business
practices following allegations they colluded on premiums for
some corporate clients.
It will consider imposing administrative penalties on the
insurers if they are found to have violated industry regulations
to ensure fairness and customer protections, the Nikkei said.
(Reporting by Makiko Yamazaki; Editing by Jamie Freed)
((Makiko.Yamazaki@thomsonreuters.com; +81-3-4563-2805;))