(Provisional Translation)
November 22, 2001

Statement by the Minister for Financial Services

- Taisei Fire and Marine Insurance Company -

1. Taisei Fire and Marine Insurance Company (hereinafter referred to as ''Taisei Fire'') filed with the Tokyo District Court for rehabilitation procedures, today.

   The FSA understands that due to a large sum of estimated reinsurance claims caused by the event on September 11, 2001 in the United States and for other reasons, Taisei Fire filed the rehabilitation procedures from the viewpoint of protection of the policyholder and the people concerned.

   The rehabilitation plan will be drafted under the supervision of the Tokyo District Court.

2. The handling of Taisei Fire's business will be drawn up based on the rehabilitation plan. The FSA expects that the plan will be established at early date. If necessary, policyholders are protected by the Non-Life Policyholders Protection Corporation by providing financial assistance.

3. The FSA intends to take part in planning the rehabilitation plan appropriately based on the Insurance Business Law from the standpoint of the protection of the policyholders and the other people concerned. Moreover, the FSA will continue to make efforts to ensure the sound management of insurance companies.