Japan Post to Check All Insurance Policies

Economy Politics

Tokyo, July 15 (Jiji Press)--Japan Post Insurance Co. <7181> and Japan Post Co. will look into all outstanding life insurance policies sold by them to examine whether the terms of the contracts meet the demands of customers, company officials said Monday.

The two Japan Post Holdings Co. <6178> units will send letters or make phone calls to customers, or visit them when necessary, to check their policies, the officials said.

The companies will pay back premiums if insurance policies are found not to meet customers' demands, the officials said.

The move follows the recent revelations that inappropriate sales practices by the companies are believed to have harmed the interests of more than 90,000 policyholders.

The inappropriate practices led to situations where policyholders become uninsured after their applications to change policies were rejected and policyholders paid premiums on both previous and new insurance policies.

[Copyright The Jiji Press, Ltd.]

Jiji Press