Japan's financial watchdog on Tuesday began searches at offices of major used car dealer network Bigmotor Co and casualty insurer Sompo Japan Insurance Inc as part of a high-profile insurance fraud investigation. The Financial Services Agency aims to scrutinize ties between the companies after Bigmotor was found to have charged…
Japan's financial watchdog searches offices of major used car dealer network Bigmotor Co. and casualty insurer Sompo Japan Insurance Inc. as part of a high-profile insurance fraud investigation.
Investigators searched the offices of Bigmotor Co. and Sompo Japan Insurance Inc. on Sept. 19 for evidence substantiating allegations of fraudulent auto insurance claims involving the two companies.
Sompo Japan Insurance Inc. President Giichi Shirakawa announced his resignation on Sept. 8 to take responsibility for the company’s handling of alleged fraudulent insurance claims by leading used car dealer Bigmotor Co.