Japan Post confirms 22 cases of illegal insurance sales practices

Following its admission of mismanagement of over 90,000 policies from its insurance arm, Japan’s postal operator has confirmed 22 cases of forgery and other illegal practices in selling insurance policies. According to a report by The Mainichi, Japan Post Co. has reported the cases to the Financial Services Agency (FSA), the country’s financial watchdog. One of the suspected motives behind the illegal sales practices are excessively high sales quotas expected from postal workers. The anomalies, which came to light earlier this month, have allegedly been ongoing for several months. These led to Japan Post Co. suspending marketing activities of insurance products. Furthermore, other insurers that have been selling products through the postal network have started conducting their own investigations.