From Nasdaq:



Japan’s Finance Minister ordered four major non-life insurance companies to improve business practices related to anti-competitive activity. The companies included Aioi Nissay Dowa Insurance, Sompo Japan Insurance, Tokio Marine & Nichido and Mitsui Sumitomo Insurance. The companies were asked to report on prior consultations with each other when preparing contracts for clients, as it was found that they engaged in activities incompatible with Japan’s antitrust law.

The Finance Minister urged the companies to clearly define management responsibility and thoroughly revamp management controls. He emphasized the need for the companies to take the matter seriously and seek thorough responses to prevent a recurrence of the activities found to be incompatible with the antitrust law. The order was issued as part of efforts to address anti-competitive practices and ensure fair business practices among non-life insurance companies in Japan.



Read more: Japan issues business improvement order to four non-life insurers