Regulators Crackdown on Sompo Japan over Big Motor Insurance Fraud

TOKYO, Jan 16 (News On Japan) - Japan's Financial Services Agency (FSA) is getting ready to tighten the screws on Sompo Japan by issuing a business improvement order within this month following the insurance fraud scandal involving false claims by used car dealer Big Motor.

The FSA has been conducting on-site inspections at Sompo Japan Insurance since September last year and at SOMPO Holdings since November, concluding that Sompo Japan Insurance's protection of policyholders was insufficient and that there were problems with the internal control system of its parent company, SOMPO Holdings.

The FSA intends to demand improvements in the management of both companies.

by Brian Dentry

Source: TBS NEWS

New Russian Structures Appear on Disputed Northern Islands

Russia has expanded its facilities on Suisho Island in the Habomai group of the Northern Territories, which it continues to occupy illegally.

Why Are Foreign Criminals Targeting Japan?

Crimes committed by foreign visitors to Japan are on the rise, in particular, a growing trend of short-term visitors who commit crimes and immediately flee to their home countries, a pattern referred to as 'hit-and-run' crimes. Why is Japan being targeted?

Japan's H3 Rocket Successfully Lifts Off Carrying 'Michibiki 6' Satellite

The H3 Rocket No. 5 was launched at around 5:30 p.m. on February 2nd from the Tanegashima Space Center in Kagoshima Prefecture. The rocket carries the government’s 'Michibiki 6' satellite, known as the Japanese version of GPS.

Footage Shows Moment Truck Falls Into Sinkhole

A massive sinkhole swallowed a truck in Yashio, Saitama Prefecture, on January 28, with dramatic footage capturing the moment the road suddenly gave way.

Tourists Flock to Hokkaido for Lunar New Year

Hokkaido is taking steps to address overtourism issues as large numbers of foreign visitors arrive during the Lunar New Year holiday.

MEDIA CHANNELS

MORE Business NEWS

Large-Scale Solar Panel Project in Nara Canceled

Nara Governor Yamashita has announced the cancellation of a large-scale solar power project in Gojo City, citing the inability to secure local consent. The project, initially proposed as an alternative to a previously planned 2,000-meter runway, was intended to support power supply stability during disasters and include a disaster-response heliport.

Honda and Nissan Delay Integration Until Mid-Feb

Honda and Nissan's negotiations over a potential business integration have hit a roadblock, with concerns that Nissan’s restructuring measures are inadequate.

Manga-based movies dominate 2024 box office in Japan

Manga-based movies were big hits in Japan last year. They took the top three spots, helping Japanese films see record box-office proceeds. (NHK)

Can Higher Interest Rates Ease Household Finances?

Banks are engaged in an intense battle to attract deposits, pushing interest rates higher. While savings account holders may benefit from increased interest earnings, rising rates also mean heavier mortgage burdens and potential rent hikes.

Fuji TV Crisis Deepens

Fuji TV held a press conference on January 27 at 4 p.m. to address allegations reported in the media that an employee was involved in a dispute between TV personality Nakai and a woman. Fuji TV explained that investigating Nakai at this stage might negatively impact the woman’s mental health and risk further harm if Nakai attempted to contact her.