Life insurance in foreign currency Complaints one after another To strengthen monitoring of the FSA August 7 16:47
There have been many complaints over the sale of life insurance products denominated in foreign currencies that the yield has been high, but that it has not fully explained that there is a risk of loss due to exchange rate fluctuations. The FSA has decided to strengthen its oversight to ensure that insurers are protecting their customers.
Although it was explained in detail about the sales of life insurance products denominated in foreign currencies, it was explained in detail such as being operated in foreign currency with high interest rates, but the explanation of risk was insufficient, such as the possibility of breaking principal due to exchange rate fluctuations Complaints are coming from older contractors.
As a result, the Financial Services Agency has increased its oversight of whether insurance companies have a sales system that protects customers.
Specifically, insurers will check the response of “customer protection” in detail in the future screening of life insurance.
We are looking closely at whether or not we have specifically explained the points to be noted, such as the amount of insurance money received at maturity due to fluctuations in exchange rates and interest rates and the amount of refund at the time of cancellation.
In addition, the FSA is also focusing on confirming that there is an increase in the number of "tax saving purposes" products that are different from the original purpose for life insurance products for companies.
The Financial Services Agency will revise its guidelines on insurance company supervision next month after soliciting opinions from the public.