Japan slaps 4 insurers with improvement order over price collusion
Japan’s financial watchdog on Tuesday ordered four major property insurers to improve their business operations after finding they colluded to set inflated insurance premiums for corporate customers and government agencies.
Japan’s major insurers have not been subject to collective administrative punishment from the country’s regulator for 16 years. The last time was when a group of firms was penalized for not properly paying out insurance claims to customers in 2007.
The four companies are accused of colluding to inflate the baseline insurance premium charged to customers, the Financial Servi...