Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Tuesday, March 19, 2024, 8:44 am to 8:48 am)

[Opening remarks:]

Minister)

The Financial Services Agency (FSA) will soon set up a panel of experts, and I will tell you about it.
Following the recent incidents in the non-life insurance industry that involved fraudulent insurance claims and insurance premium adjustments, the FSA has dealt strictly with related non-life insurance companies and their agencies according to laws and regulations. 
And in the analysis of the precise picture in these incidents, it was revealed that structural problems and factors that inhibited fair competition caused these inappropriate practices.
Therefore, in order to prevent the recurrence of similar incidents, from the viewpoint of encouraging their all-out efforts for customer-focused business operation and build a sound competitive environment, we recently decided to establish an expert panel within the FSA to discuss measures necessary for system reform and supervision in the industry.
The first session of the panel is scheduled for Tuesday, March 26, and we will ask its members for lively discussions with the aim of putting together a report by the end of June.
Please ask the office in charge for the details of the meeting.

[Questions and answers:]

Q.

Could you tell us about a rough plan for the membership of the panel? 

A.

I'm afraid that you may ask such question to the office in charge.