60,000 More Kampo Policyholders Seen Hurt by Insurance Sales Misconduct

Economy Politics

Tokyo, Jan. 31 (Jiji Press)--The Japan Post Holdings Co. <6178> group said Friday some 60,000 more customers of the group's insurance unit may have been disadvantaged by improper sales practices.

With each customer purchasing multiple "Kampo" life insurance products offered by Japan Post Insurance Co. <7181>, the number of contracts involved came to about 220,000, the group said.

In the course of investigation into the additional cases, the group will confirm by June whether the contracts were concluded as desired by customers, it said, adding that interviews with some 900 customers who each purchased 15 or more Kampo products in the past five years will be finished by the end of February.

"We're eager to resolve disadvantage for customers as quickly as possible, and regain their trust step by step," Japan Post Holdings President Hiroya Masuda told a press conference.

Since August last year, the group has already looked into some 183,000 contracts signed by about 156,000 customers in improper ways, such as doubly collecting premiums at the time of an insurance policy switch. So far, law and internal rule violations have been detected in sales practices involving 1,412 contracts.

[Copyright The Jiji Press, Ltd.]

Jiji Press