TOKYO Plans by insurers to sell off 6.5 trillion yen (around $43 billion) in cross-shareholdings will foster governance reform in Japan, although companies…
Four major non-life insurance companies to terminate more than 10 executives over issues related to advance adjustment of insurance premiums. Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa Insurance had pre-adjusted insurance premiums in insurance contracts with a total of 576 companies and local governments. The number of affected executives is expected to exceed 10 in each case, including those at the parent company, making this an unusually large-scale punishment.