Tokyo, Nov. 14 (Jiji Press)--Japan's Tama Home Co. said Saturday it has informed three major nonlife insurance companies of a plan to end its insurance agency business following fire insurance fraud involving its employees.
The homebuilder is considering a plan for outside experts to conduct an investigation into the fraud to ensure objectivity, the company also said.
The three insurers are Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Insurance Inc. and Mitsui Sumitomo Insurance Co. They are already moving to end insurance sales through Tama Home.
Tama Home sells fire and life insurance products to home buyers as an insurance agent.
At its branch in Takamatsu, the capital of Kagawa Prefecture, western Japan, fraudulent practices, such as repeatedly using the same photographs taken as proofs of damage in making fire insurance claims, started at least more than five years ago.
[Copyright The Jiji Press, Ltd.]