Provisional Translation
Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services
(Excerpt)
(Tuesday, January 21, 2025, 10:56 am to 11:04 am)
- Q.
-
The Nikkei Shimbun reported that the FSA has decided to issue a business improvement order based on the Insurance Business Act to Toyota Mobility Tokyo Inc., which is a dealer directly managed by Toyota Motor Corporation, and Good Speed Inc., which is a large used car dealer. Could you explain the facts and provide a comment on this issue?
- A.
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At any rate, the report says that a business improvement order may be issued soon, but it does not say that FSA has decided. Including such processes, the government has refrained from making any comment on individual cases.However, generally speaking, it is very regrettable that multiple problematic cases, such as those relating to fraudulent billing for insurance payments, have occurred in the non-life insurance industry since the year before the last.
The FSA has taken strict measures under laws and regulations against non-life insurance companies and insurance agencies for which serious problems were found. For a series of cases of fraudulent billing for insurance payments and other cases, the FSA will continue making responses properly, including the issuance of orders to request reporting and the implementation of on-site inspections based on the Insurance Business Act, against problematic insurance companies and agencies from the perspective of protecting insurance policyholders, and will impose strict dispositions in accordance with found facts.
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