Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services
(Tuesday, August 29, 2023, 11:01 am to 11:17 am)
[Questions and answers:]
Let me ask a question of you as Minister of State for Financial Services about BIGMOTOR and non-life insurers. Some media have reported that Sompo Japan was informed of possible fraudulent practices BIGMOTOR had engaged in when the insured decided to resume business with the repair company, and that President Shirakawa and other executives of the company personally suggested that business be resumed with them. What action will the FSA take to address that?
I recognize there was the media report you have mentioned.
On July 31, the FSA ordered Sompo Japan to submit a report. In terms of what you have pointed out, their business resumption with BIGMOTOR, we require the insurer to inform us why they alone decided to resume transactions, including whether and how the management was involved in the decision.
At the moment, the FSA is working based on the order we have issued according to laws and regulations to find all the facts about the arrangements the insurer has in place to detect and prevent fraudulent claims. I believe what matters first is to ascertain and analyze the facts of the case, including how and why it occurred.
We will carefully analyze the report, and if the collecting facts show finds anything detrimental to the protection of policyholders, the FSA will take strict measures based on laws and regulations.
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