May 26, 2021
Financial Services Agency
FSA publishes an English translation of the "Comprehensive Guidelines for Supervision of Insurance Companies" and the "Monitoring Report For IAIGs"
In recent years, as Japanese insurance companies have been expanding their business overseas, the FSA has been working to accurately communicate the policies and focus of insurance supervision to overseas authorities and foreign insurance companies, as well as to strengthen cooperation with overseas authorities on supervisory measures.
As part of the efforts to promote the use of English in administrative services based on the above, FSA published today an English translation of "I. Basic Ideas," "II. Supervisory Evaluation Points for Insurance," and "VII. Group-wide Supervision, etc.," which are highly necessary sections in light of the above objectives in the "Comprehensive Guidelines for Supervision of Insurance Companies".
FSA will publish an english translation of the entire "Comprehensive Guidelines for Supervision of Insurance Companies".
FSA also published an english translation of the "Monitoring Report For IAIGs".
In addition to identifying the insurance companies to be designated as Internationally Active Insurance Groups (IAIGs) in Japan for the purpose of group-wide supervision of Japanese insurance groups (particularly major insurance groups), this report summarizes the current status and challenges that have been found through various monitoring approaches and explains FSA's policy for group-wide supervision in the current program year. Through the continuous implementation of those activities, the FSA aims to conduct in-depth monitoring while increasing the transparency of administrative processes of group-wide supervision and to encourage insurance groups to enhance their group-wide governance and risk management system.
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