4 Japan Nonlife Insurers to Sell Clients’ Shares
12:00 JST, March 1, 2024
TOKYO (Jiji Press) — Four major Japanese nonlife insurance companies plan to sell all of their cross-shareholdings with client firms, people familiar with the matter said.
Financial regulators have criticized the insurers’ practice of holding shares in client firms to maintain good relations with them as a hotbed for them to collude to fix insurance premiums for contracts.
In December, the Financial Services Agency urged the insurers — Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Insurance Inc., Mitsui Sumitomo Insurance Co. and Aioi Nissay Dowa Insurance Co. — to step up the sale of such cross-held shares.
The insurers plan to include their decision to eliminate cross-shareholdings in their reports to be submitted to the agency on Thursday, the people said.
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