Four main non-life insurance coverage corporations submitted enterprise enchancment plans to the Financial Services Agency on the twenty ninth in response to issues with pre-adjustment of insurance coverage premiums for business insurance coverage, and ordered the presidents and different executives to be disciplined, together with reductions in remuneration. The coverage is to take action.
It is anticipated that greater than 10 officers will likely be affected, together with these on the guardian firm, making this an unusually large-scale punishment.