Business | Jan 16

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.

Source: TBS NEWS

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