On the 17th, the Financial Services Agency issued a business improvement order to the foreign-affiliated NN Life Insurance Co., Ltd., accusing it of excessively claiming the effects of tax savings and systematically selling products that deviated from the original purpose of insurance. bottom.
NN Life Insurance Co., a foreign-affiliated company in Shibuya Ward, Tokyo, received the business improvement order.
The Financial Services Agency had warned insurance companies not to sell so-called "tax-saving insurance" that exaggerated the effect of tax saving. It means that they are continuing to sell.
The company is soliciting owners of small and medium-sized enterprises by explaining that if they change the name of the insurance contract from a corporation to an individual and then cancel it, they can receive refunds while reducing the tax burden. It means that he was involved in promoting inappropriate product development and sales.
In this business improvement order, the Financial Services Agency is requesting the company to review its management system, strengthen governance, and establish an appropriate product development and management system.
Regarding this disposition, NN Life Insurance said, "We take this order seriously and deeply reflect on it, and we will prepare a system to ensure sound and appropriate business operations."
This is the second case in which we received a business improvement order for sales of tax-saving insurance, following "Manulife Life Insurance" in July last year.