JAPAN POST SAYS IT WILL SEEK INSURERS’ GUIDANCE

Japan Post said on Friday that it would be asking for applications from casualty insurers to help the currently state-owned operation prepare for its move into the non-life sector. Japan Post plans to market motor and other non-life policies following the commencement of its privatisation process next October. Applications to become a “partner company” can be filed with the Financial Services Agency until August 17. Nikkei reported that the selected casualty insurer would be asked to help in training and the establishment of a correct compliance system. Although the actual policies would be selected separately, Nikkei said that the partner company’s products were likely to be given preferential treatment.