October 13, 2000
Financial Services Agency
''Mutual Entry into the Third-Sector by Life and Non-life Insurance Companies''
- Regarding mutual entry into the third-sector by life and non-life insurance companies, measures to avoid radical change will be terminated as of January, 2001, based on the Japan-U.S. Insurance agreements.
- Accordingly, entry into the third-sector by subsidiaries will start from January, 2001.
Moreover, to further push forward deregulation, requisite rules for protecting policyholders will be implemented as soon as possible and direct mutual entry into the third-sector will start from July, 2001.
- The Financial Services Agency anticipates that, through the above deregulation measures, product developments that are responsive to diverse market needs will be made possible; and, that consumer convenience will be improved and the Japanese insurance market invigorated.
For further information, please contact:
Insurance Business Division, Supervisory Department
Financial Services Agency of Japan