Japan's Major Insurers Fined Over 2 Billion Yen

TOKYO, Nov 02 (News On Japan) - Japan's Fair Trade Commission has ordered four major insurance companies — Mitsui Sumitomo Insurance, Sompo Japan, Aioi Nissay Dowa Insurance, and Tokio Marine & Nichido Fire Insurance — to pay fines totaling over 2 billion yen for collaborating to discuss estimates and bid amounts, leading to premium increases.

On October 31st, the Fair Trade Commission found these companies in violation of the Antimonopoly Act across multiple areas and imposed fines totaling over 2 billion yen.

Source: ANN

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