In response to Big Motor's fraudulent insurance claims and the issue of major non-life insurance companies adjusting insurance premiums for businesses in advance, an expert panel set up by the Financial Services Agency held its first meeting to review industry practices. We confirmed our policy to compile a report in June this year aimed at ensuring effective inspections and supervision.
Big Motor's fraudulent insurance claims and the four major non-life insurance companies, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa Insurance, have been involved in fraudulent insurance claims with companies and local governments. In response to the issue of prior arrangements, the Financial Services Agency established a new expert panel.
At the first meeting on the 26th, Tatsunori Ibayashi, Deputy Minister of the Cabinet Office, who is in charge of finance, stated, ``We need to reform corporate culture that neglects customer protection,'' and expressed his intention to thoroughly prevent this from happening again.
According to the Financial Services Agency, inspections regarding fraudulent insurance claims have revealed that non-life insurance companies may be giving priority to relationships with large agents and not providing appropriate guidance and management based on the Insurance Business Act. I think it has become clear.
Additionally, regarding the issue of adjusting insurance premiums in advance, there was a practice in which the non-life insurance company that offered the lowest insurance premium became the managing company, and each company determined insurance premiums based on this.
For this reason, the panel of experts discussed how to review industry practices and ensure effective inspection and supervision by the Financial Services Agency, and confirmed the policy of compiling a report in June this year. .