Financial Supervisory Agency
Statement by the Commissioner
1. Japan has been faithfully implementing the Japan-U.S. insurance arrangement.
It is clear that all the criteria─ set out in the '96 Supplementary Measures for terminating measures to avoid radical change in the third sector─have been met, upon implementation of the insurance rating organization reform yesterday based on the financial system reform bill approved by the Diet.
Therefore, liberalization in the third sector will be completed in January 2001 as an integral part of the financial system reform.
2. The Financial Supervisory Agency ("the Agency"), as the authorities concerned, intends to faithfully observe the Japan-U.S. arrangement, steadily implement the financial system reform law, establish fair and transparent financial supervision, and implement strict and effective inspection as well as enhance off-site monitoring of financial institutions.
Through these efforts, the Agency will continue to secure the stability of the financial system, carry out post-checking supervision based on clear rules rather than pre-guidance supervision, and make steady progress in the financial system reform.
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Financial Supervisory Agency
Statement by the Commissioner
1. Japan has been faithfully implementing the Japan-U.S. insurance arrangement.
It is clear that all the criteria─ set out in the '96 Supplementary Measures for terminating measures to avoid radical change in the third sector─have been met, upon implementation of the insurance rating organization reform yesterday based on the financial system reform bill approved by the Diet.
Therefore, liberalization in the third sector will be completed in January 2001 as an integral part of the financial system reform.
2. The Financial Supervisory Agency ("the Agency"), as the authorities concerned, intends to faithfully observe the Japan-U.S. arrangement, steadily implement the financial system reform law, establish fair and transparent financial supervision, and implement strict and effective inspection as well as enhance off-site monitoring of financial institutions.
Through these efforts, the Agency will continue to secure the stability of the financial system, carry out post-checking supervision based on clear rules rather than pre-guidance supervision, and make steady progress in the financial system reform.
Return