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Provisional Translation

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

(Excerpt)

(Friday, May 31, 2024, 9:36 am to 9:49 am)

Q.

I would like to ask you about last week's press release published on May 23. It was disclosed that four non-life insurance companies mutually leaked contract information, and such conduct was tacitly approved. What do you think of this issue in light of the purport of the Insurance Business Act and from the perspective of the protection of policyholders? 

A.

As you pointed out, four large non-life insurance companies recently published that customer information was leaked between non-life insurance companies and insurance agents that deal with insurance products of multiple non-life insurance companies under entrustment agreements with them.
Insurance companies and insurance agents are obliged to take necessary and appropriate measures to prevent the leakage of personal information under the Act on the Protection of Personal Information and the Insurance Business Act. Nevertheless, such legally problematic cases occurred, following other misconduct cases in the past, in the non-life insurance industry. This is very regrettable.
At present, the relevant non-life insurance companies and insurance agents are examining the extent and causes of the information leakage, but the results have yet to be compiled. Therefore, I cannot tell when the leakage began or the extent thereof, but the FSA will receive reports from each company and confirm the specific details of the case based on the Act on the Protection of Personal Information and the Insurance Business Act.
I think that the FSA must closely check the reoccurrence prevention efforts of the non-life insurance companies and insurance agents, in addition to the details and causes of this case, and make appropriate responses.

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