Japan Post to Resume “Kampo” Marketing Activities Oct. 5

Economy Politics

Tokyo, Sept. 10 (Jiji Press)--The Japan Post Holdings Co. <6178> group is in the final stage of talks on resuming marketing activities for “Kampo” insurance products of Japan Post Insurance Co. <7181> on Oct. 5, informed sources have said.

For the time being, however, the group will refrain from promoting insurance and other financial products aggressively and will instead focus on making apologies to customers over sales irregularities for Kampo products, according to the sources. The group is expected to make an announcement on the matter within this week.

Marketing activities for Kampo products have been suspended since July last year following the revelation of the irregularities.

In July this year, a panel of outside experts reported that conditions for resuming Kampo insurance products had almost been met. The Japan Post group now sees a need to speed up activities to regain public trust, such as apologizing to customers and explaining measures to prevent similar wrongdoing, while holding discussions with the Financial Services Agency and the internal affairs ministry.

The full-fledged restart of marketing activities, including for winning new insurance contracts, will likely be delayed into fiscal 2021, which begins next April.

[Copyright The Jiji Press, Ltd.]

Jiji Press