Japan Post Insurance Premiums Refunded in 1,097 Cases

Economy

Tokyo, Aug. 5 (Jiji Press)--In as many as 1,097 cases, Japan Post Insurance Co. <7181> gave insurance policy holders full refunds of premiums after receiving complaints about insurance sales irregularities between April 2017 and January 2019, informed sources said Monday.

The cases were reported at monthly in-house meetings attended by division chiefs, according to the sources.

They included cases in which postal workers, wanting to earn extra money, deliberately pushed back the timing of contract cancellations so the clients made duplicate premium payments for new and old contracts.

At a press conference on Wednesday, Masatsugu Nagato, president of Japan Post Holdings Co. <6178>, the parent of Japan Post Insurance, stressed that he was not aware of sales irregularities involving the insurer when the parent company sold shares in the unit in April.

With the presence of many improper contracts known to have been reported at in-house meetings from long before the share sale, calls are expected to intensify for the top management officials to give explanations about the timing of when they came to know about the irregularities.

[Copyright The Jiji Press, Ltd.]

Jiji Press