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.

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Risk Management

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Insurance Technology

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Certain information contained in this press release constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “target,” “intend,” “continue” or “believe,” other variations thereon or comparable terminology. The forward-looking statements speak only as of the date hereof and are based on Global Atlantic’s current beliefs, assumptions and expectations. Due to various risks, uncertainties and contingencies, including but not limited to obtaining required regulatory approvals, closing on signed transactions and whether the anticipated benefits of a transaction can be achieved within expected timeframes, actual events or results or performance may differ materially from what is reflected or contemplated in such forward-looking statements. Global Atlantic undertakes no obligation to update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Past performance is not a guarantee of future results.

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