Kampo Gets 2,600 Aflac Insurance Policyholders into Trouble
Tokyo, Aug. 23 (Jiji Press)--Some 2,600 holders of cancer insurance policies sold by Japan Post Insurance Co. <7181>, or Kampo, for the sake of Aflac Life Insurance Japan Ltd. made double premium payments or become temporarily uninsured in the year through May, Aflac Life's U.S. parent has revealed.
Kampo, a unit of Japan Post Holdings Co. <6178>, caused the trouble as it failed to adopt a system to prevent policyholders from doubly paying premiums when switching to new contracts, Aflac Inc. said.
A similar problem involving about 104,000 policyholders occurred in the same period at Japan Post Co., which is also a subsidiary of Japan Post Holdings and sells Aflac's cancer insurance for individuals.
The Japan Post Holdings units continued to sell Aflac cancer insurance without adopting the double payment prevention system, introduced by Aflac Life in 2014, chiefly for cost reasons despite repeated requests to do so by the Japanese unit of the U.S. insurance giant.
[Copyright The Jiji Press, Ltd.]