Establishing qualification for insurance sales denominated in foreign currencies 5:16 on September 20
There is an increasing number of complaints that life insurance that is operated in foreign currencies such as the US dollar and is at risk of exchange fluctuations is sold without sufficient explanation. Life insurance company industry groups have a policy to protect policyholders by creating a new qualification system so that insurance cannot be sold without qualification.
As domestic interest rates continue to be low, foreign currency-denominated life insurance operated in foreign currencies such as dollars is increasing at bank counters because of high yields.
However, it was sold without fully explaining that there was a risk that yields would decrease or the principal would be broken due to fluctuations in exchange rates, and in the last fiscal year over 2500 complaints were received from insurance companies etc. .
For this reason, the Life Insurance Association is planning to establish a new qualification system for insurance companies and bank sales representatives in the next fiscal year in order to change the way in which foreign currency denominated insurance is sold. It was.
We will learn how to explain the risks to the contractor, so that we will not be able to sell them without qualifications in the future.
As for foreign currency denominated insurance, the FSA is also strengthening its monitoring to ensure that insurance companies have a system to protect policyholders.