Provisional Translation
Press Conference by SUZUKI Shunichi, Minister of Finance and Minister of State for Financial Services
(Excerpt)
(Tuesday, May 14, 2024, 9:42 am to 9:50 am)
- Q.
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I would like to ask you about your view as the Minister of State for Financial Services. There is news coverage of the suspicion that some large non-life insurance companies adjust discount rates for individuals in advance regarding their insurance products at group rates. Could you explain to what extent the FSA has ascertained the facts as of now, and how the FSA will respond to this issue from now?
- A.
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The FSA has issued orders to request reporting and business improvement orders to large non-life insurance companies regarding their adjustments of insurance premiums and has requested them to also examine and make reports on cases where conflict with the Anti-Monopoly Act is suspected or cases where acts that are found inappropriate in light of the purport of the same Act have been committed.
Reports submitted so far by non-life insurance companies include those regarding insurance products at group rates. The FSA considered that additional examinations are necessary and has requested individual non-life insurance companies to conduct examinations again for their insurance products at group rates. At present, the FSA is endeavoring to ascertain the number of suspected cases and other related facts.
From the perspective of ensuring the appropriateness of non-life insurance companies' business operations, the FSA will make responses appropriately based on the facts found through examinations and the progress of individual non-life insurance companies' implementation of their business improvement plans.
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