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Japan Post admits to mis-selling 180,000 insurance policies Aug. 1, 2019 06:30 am JST 0 Comment Japan Post Holdings Co said Wednesday it mis-sold around 183,000 insurance policies to customers over the past five years, double the number previously announced. Japan Post Holdings, 57 percent owned by the government, sells insurance products through a network of over 20,000 post offices nationwide. Japan Post Insurance Apologizes to Shareholders over Scandal; ... Senda explained the progress in the investigation into the scandal and steps to … Japan's Financial Services Agency watchdog is expected to impose a business suspension on Japan Post Insurance and other related firms as early … Sorry, but your browser needs Javascript to use this site. "Simple Insurance"). The sum roughly doubled from the previously recognized number of around 93,000 after the company checked all of its new 10 million contracts concluded over the five years through fiscal 2018. In an interim report, Japan Post said it found about 6,300 cases of insurance sales at post offices that might have broken the law or company rules. The Financial Services Agency is expected to ban Japan Post and Japan Post Insurance from selling insurance … Who is affected by Japan’s tightened travel controls? Adults seek solace in the wisdom of children online amid pandemic, Retired athletes charting new paths inspire others to take the leap, 2020 was a watershed year for Japan's foreign residents, Travelers from Japan face more restrictions amid new virus strain fears, Directory of who’s who in the world of business in Japan. The government’s plan to sell over $10 billion worth of shares in Japan Post Holdings Co. has been clouded by a scandal at its insurance unit. Japan Post Insurance Co. announced Wednesday that over the past five years it has possibly mismanaged a total of about 183,000 insurance policies that could have been disadvantageous to the policy holders. It is worthwhile to ask as Japan Post Holdings, the mail-to-banking conglomerate, lurches into scandal -- this time involving its insurance unit overcharging for premiums. The group was privatized in 2007. The parent company also said the Japan Post group will refrain from active sales of insurance and other products offered at post offices for the time being. Japan Post Insurance said it plans to compensate customers for "disadvantages experienced." In an announcement Friday, the former state-owned postal group also said that as of Wednesday, 106 legal violations and 1,306 breaches of in-house rules had been found among the roughly 183,000 insurance contracts already being investigated. Customers complained in recent years that they were unable to switch policies, but the company said it was not engaging in improper practices. If you're not sure how to activate it, please refer to this site. Tokyo, June 15 (Jiji Press)--Japan Post Insurance Co. President and Chief Executive Officer Tetsuya Sen… News Japan Post Insurance Apologizes to Shareholders over Scandal Japan Post Insurance checked about 21,000 new contracts concluded in November 2018 in an in-house investigation. Japan Post Insurance Co., Ltd. (株式会社かんぽ生命保険, Kabushiki-gaisha Kanpo Seimei Hoken), is a Japanese life insurer that was established on October 1, 2007, with the privatization of Japan Post Life Insurance (簡易保険, Kan'i Hoken, lit. In … The number of problematic contracts has more than doubled from the 670 confirmed by Dec. 15. The Japan Post group intends to announce the results of its investigation on Wednesday. Japan Post CEO, heads of 2 units to resign over insurance scandal TOKYO - The chief executive of Japan Post Holdings Co. and the heads of two subsidiaries will resign to take responsibility for improper sales of insurance products that has prompted the government to plan the imposition of harsh penalties, sources close to the matter said Wednesday. Japan Post, which runs a bank, a life-insurance company and a unit that delivers the mail in Japan, said it may have victimized more than 100,000 customers by selling them disadvantageous products. … The company will draw up an … The “The JPH sale may need to … Japan Post Holdings Co. President Masatsugu Nagato, second from left, and other Japan Post group executives bow in apology at the start of a news conference on illicit insurance … Tetsuya Senda, 59, will now lead Japan Post Insurance and Kazuhide Kinugawa, 62, will run Japan Post. The government's plan to sell over $10 billion worth of shares in Japan Post Holdings Co. has been clouded by a scandal at its insurance unit. Japan Post Holdings Co says it will look into 220,000 more insurance contracts signed by around 60,000 customers that are suspected of being part of a widening scandal involving improper sales. In a time of both misinformation and too much information, quality journalism is more crucial than ever.By subscribing, you can help us get the story right. The Financial Services Agency late last year ordered two units of the group, Japan Post Insurance Co. and Japan Post Co., to suspend new sales of insurance products for three months from Jan. 1. China drops 76ers broadcasts as Hong Kong row rumbles on, 'I won’t take it': China struggles to get the world to trust its vaccines, Japan gave key intel on China's Uighur crackdown to U.S. and Britain, Tokyo’s pandemic border policy highlights insecure status of foreign residents. Who is affected by Japan’s tightened travel controls? In the latest cases, the postal group said some customers ended up paying high fees after being advised to purchase multiple policies or encouraged to repeatedly conclude and cancel policies. Japan Post Insurance Co Ltd <7181.T> said on Monday it discovered 6,327 cases of improper sales in a previously flagged misconduct matter … Japan Post Insurance Co. has betrayed the trust of customers with dubious sales practices. Adults seek solace in the wisdom of children online amid pandemic, Retired athletes charting new paths inspire others to take the leap, 2020 was a watershed year for Japan's foreign residents, Travelers from Japan face more restrictions amid new virus strain fears, Directory of who’s who in the world of business in Japan. The company should take this deep-rooted scandal seriously. The group was privatized in 2007. If you're not sure how to activate it, please refer to this site. Sorry, but your browser needs Javascript to use this site. Japan Post Holdings Co. President Masatsugu Nagato and two other group leaders are expected to resign over Japan Post Insurance Co.’s irregular insurance product sales, it … Masako Suzuki Executive Advisor of Pasona Group Inc. Tamotsu Saito Senior Counselor of IHI Corporation Meyumi Yamada Director of istyle Inc. Kazuyuki Harada President & Representative Director of Keikyu Corporation Hisashi The Financial Services Agency will consider punishing the insurance arm of Japan Post Holdings. Japan Post Holdings Co. says it will look into 220,000 more insurance contracts — signed by around 60,000 customers — that are suspected of being part of a widening scandal involving improper sales. The government’s plan to sell over $10 billion worth of shares in Japan Post Holdings Co. has been clouded by a scandal at its insurance unit. This is not Japan Post Insurance's first scandal. The scandal has also forced the government to consider holding off its plan to sell $10 billion worth of shares in Japan Post Holdings, according to people familiar with the situation. Japan Post Holdings Co.’s top executive vowed to restore public confidence in the postal giant, which has been rocked by a scandal over missold insurance. Japan Post Insurance Co. admitted mismanagement Wednesday in connection with more than 90,000 insurance policies, in the biggest scandal for the country's dominant postal group since its privatization in 2007. Some post office workers forged documents or engaged in other unlawful practices in selling the products of Japan Post Insurance in fiscal 2018, according to an internal document revealed Monday. Going forward, the company will, among other actions, set appropriate sales targets, introduce policy rewriting-related measures, roll out measures for solicitation of elderly customers and fine-tune its solicitation practices. JAPAN POST INSURANCE Co., Ltd Head office location: 3-2, Kasumigaseki 1-chome, Chiyoda-ku, Tokyo 100-8798, Japan Telephone: 03-3504-4411 (Japan Post Group main … It is part of the Japan Post Holdings group. “I’m devastated at the huge betrayal of customer trust in post offices,” Nagato said. Former Japan Post Holdings President Masatsugu Nagato and the presidents of the two subsidiaries resigned on Jan. 5 to take responsibility for the scandal. The company will draw up an interim report on its investigations in autumn. Sponsored contents planned and edited by JT Media Enterprise Division. Japan Post Insurance Co. Ltd. said that as of Jan. 29, 106 cases of legal violations and 1,306 cases of violations of internal rules have been identified among 183,000 cases under investigation as a result of the selling of improper life insurance products. かんぽ生命の過剰ノルマと契約者に対する不利益な契約が発覚し、連日世間を騒がしました。金融庁などからの停止命令は4月に解除されるのですが、それでもかんぽ生命を販売するゆうちょグループは販売の再開を見送る方針だそうです。 One major insurer argued, "It is unreasonable to refrain from the sales of Japan Post Insurance products alone." The probe found more than 10,000 instances of policy sales that violated laws or internal rules. TOKYO -- The Japan Post Holdings Co. group was late in responding to a highly publicized scandal in which postal workers allegedly sold some 183,000 Japan Post Insurance … Senda, Kinugawa and Masuda are all former government bureaucrats Japan Post Group Basic Approach to the Group Medium-term Management Plan (2021 - 2025) Nov 13, 2020 Policy sales at Japan Post Insurance Co. have tumbled as the company has stopped sales promotion efforts after it came under fire for dubious sales … The Japan Times LTD. All rights reserved. The parent company also said the Japan Post group will refrain from active sales of insurance and other products offered at post offices for the time being. The former state-owned postal group Japan Post Group Basic Approach to the Group Medium-term Management Plan (2021 - 2025) Nov 13, 2020 Japan Post Holdings said Wednesday it will scrap fiscal 2019 sales quotas for insurance products offered at Japan Post outlets and that it will closely review such quotas for fiscal 2020 or later. Policy sales at Japan Post Insurance Co. have tumbled as the company has stopped sales promotion eff. Masatsugu Nagato, 71, resigned Sunday as president of Japan Post Holdings to take responsibility for the scandal, as did the presidents of the two subsidiaries. Japan Post Insurance is one of the country’s largest insurance firms, with total assets of 73 trillion yen ($667 billion) as of end-September. TOKYO -- The Japanese government has decided to extend the deadline to divest more Japan Post Holdings stock by five years, a move directly related to an insurance scandal within the group. Sponsored contents planned and edited by JT Media Enterprise Division. Japan Post, which runs a bank, a life-insurance company and a unit that delivers the mail in Japan, said it may have victimized more than 100,000 customers by … The fraudulent sales by the postal group shocked the public, especially people living in rural areas, who are more reliant on services offered at post offices. Japan Post Holdings Co.’s top executive vowed to restore public confidence in the postal giant, which has been rocked by a scandal over missold insurance. In a time of both misinformation and too much information, quality journalism is more crucial than ever.By subscribing, you can help us get the story right. Japan Post Holdings Co. said Friday its three leaders will resign en masse to take responsibility for the scandal involving a huge number of faulty sales of insurance products, vowing to restore the public's damaged trust in the former state-owned postal and financial giant. Specifically, Nippon Life Insurance … Japan Post Holdings Co. says it will look into 220,000 more insurance contracts — signed by around 60,000 customers — that are suspected of being part … The Japan Times LTD. All rights reserved. Japan Post Holdings Co. President Masatsugu Nagato apologized at a news conference Wednesday but said he would not resign, saying that it is his responsibility to lead efforts to prevent a recurrence. On Friday, new Japan Post Holdings President Hiroya Masuda, a former internal affairs minister, said at a news conference that the group was still unsure when sales would resume. Japan Post now faces damages claims from 45,462 customers. Japan Post CEO, heads of 2 units to resign over insurance scandal Dec. 26, 2019 06:31 am JST 0 Comment China drops 76ers broadcasts as Hong Kong row rumbles on, 'I won’t take it': China struggles to get the world to trust its vaccines, Japan gave key intel on China's Uighur crackdown to U.S. and Britain, Tokyo’s pandemic border policy highlights insecure status of foreign residents. As for about 5,800 of those contracts, the … The scandal also concerns the relationship between Japan Post Insurance and Japan Post, which means it is a matter of concern for the Japan Post group as a whole. “We’re eager to resolve the disadvantage for customers as quickly as possible, and regain their trust step by step,” Masuda said. Mitsuhiko Uehira, president of the insurance arm of Japan Post Holdings Co., apologized at a press conference for having caused… A … Inappropriate sales practices — partly due to demanding sales quotas — include instances where customers had to make premium payments for both new and old policies, and cases where customers were encouraged to cancel old contracts even if they were unable to switch to new ones due to health reasons. The ongoing probe has found that over 70 percent of the customers who were improperly sold policies were age 60 or above, and that one of the root causes was that salespeople were focused on achieving quotas or earning additional bonuses by selling multiple policies. ... Scandal at Japan Post group shows … The group will also examine the 183,000 insurance contracts that may have disadvantaged customers. 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