77 Japan Post Workers Rebuked for Improper Insurance Sales

Economy Politics

Tokyo, April 27 (Jiji Press)--The Japan Post group said Monday that it has revoked certificates to sell insurance of 75 post office workers for their improper sales of Japan Post Insurance Co. <7181> products, while reprimanding two others.

The insurance sellers encouraged their customers to buy many insurance contracts by giving them false explanations in violation of the insurance business law, according to the group.

The group has continued its investigation of 183,000 insurance sales that may have disadvantaged customers when they switched to new contracts.

The ongoing investigation had found 3,608 law or internal regulation violations as of Wednesday, up by 575 from March 25, and that 2,619 post office workers were involved in the suspected contracts, up 409. The group will continue its probe on the remaining 400 cases.

Speaking to a press conference, Hiroya Masuda, president and chief executive officer at Japan Post Holdings Co. <6178>, said the group will decide cautiously when to restart insurance sales after completing its systems to check customer contracts.

[Copyright The Jiji Press, Ltd.]

Jiji Press