4 Nonlife Insurers Punish 132 People over Price-Fixing

Tokyo, Feb. 29 (Jiji Press)–Four major Japanese nonlife insurers announced on Thursday punishments of 132 officials over a price-fixing scandal involving insurance contracts for corporate clients.

The four, including Tokio Marine & Nichido Fire Insurance Co., also submitted business improvement plans to the Financial Services Agency.

Tokio Marine & Nichido said that 55 officials face pay cuts, including a 50 pct cut in monthly remuneration for three months for President Shinichi Hirose. Two executives at the company’s parent, Tokio Marine Holdings Inc., will also take pay reductions.

Sompo Japan Insurance Inc. said that penalties will be imposed on 49 individuals, including officials of its parent, Sompo Holdings Inc., not only for the price-fixing but also for an automobile insurance fraud scandal at used car dealer Bigmotor Co.

Sompo Holdings Chairman Kengo Sakurada will take a monthly pay cut of 50 pct for six months.

[Copyright The Jiji Press, Ltd.]