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Japan: Govt to OK New Japan Post Insurance
Source: the-japan-news.com
Source Date: Wednesday, January 22, 2014
Focus: Institution and HR Management
Country: Japan
Created: Jan 28, 2014

The government plans to approve an application by Japan Post Insurance Co. to release a new educational endowment insurance product, informed sources Wednesday.

 

The unit of Japan Post Holdings Co. will launch the new product, featuring reduced death benefits and lower premiums, in April, according to the sources.

 

In February, the holding company will highlight the new insurance product as a key to improving its earnings in its medium-term business plan for an envisaged stock listing as early as spring of 2015.

 

In September 2012, Japan Post Insurance applied to the Internal Affairs and Communications Ministry and the Financial Services Agency for approval of revisions to its educational endowment insurance product.

 

Following the revelation of the company’s failure to pay insurance benefits on about 100,000 contracts, however, approval was held up until it meets eight requirements, including stricter management of insurance payout.

 

The regulators have decided to give a green light this time due to the likelihood that Japan Post Insurance will fulfill all the requirements, the sources said.

 

They also judged the new product plan will gain understanding from the United States after an agreement last year to strengthen the tie-up between the Japan Post group and U.S. insurer Aflac Inc. The United States has opposed a business expansion by the government-owned Japan Post group.

 

Still, there is no prospect for regulatory approval of an application by Japan Post Bank, another member of the Japan Post group, to start housing loans.

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