Press Conference by KATO Katsunobu, Minister of Finance and Minister of State for Financial Services

(Excerpt)

(Friday, March 7, 2025, 9:14 am to 9:21 am)

[Opening remarks:]

Minister)

Today, three bills presented by the FSA were approved at the Cabinet meeting. The details are shown in the document delivered. The Bill Partially Amending the Insurance Business Act incorporates required measures to prevent a recurrence of cases of fraudulent billing for insurance payments and other cases of misconduct in the non-life insurance industry.
The Bill Partially Amending the Trust Business Act incorporates such measures as excluding the undertaking of charitable trusts from the application of the Trust Business Act.
Lastly, the Bill Partially Amending the Payment Services Act incorporates required measures to respond to the advancement of digitalization in payment services.
We hope that these three bills are deliberated on at an early point during the current session of the Diet.

[Questions and answers:]

Q.

With regard to the bill for amending the Insurance Business Act, when the bill is enacted, the FSA will have to monitor all large-scale insurance agencies, which are considerably large in number. Whether the FSA has a system sufficient to conduct monitoring completely, and whether the FSA has secured such internal environment are the challenges, I think. Could you explain the FSA's stance in conducting checking?

A.

As you said, the key point is that individual insurance agencies or insurance companies take measures appropriately based on the amended Act and that the FSA monitors whether the measures are being taken appropriately. I think that the purport of the amended Act will be achieved through these processes.
Regarding the FSA's system, please ask the FSA official , but we would like to develop a robust system to conduct monitoring and ensure its effectiveness.