JAPAN REGULATOR UNVEILS GUIDELINES OVER MISPAYMENT

Japan’s Financial Services Agency (FSA) has released a package of guidelines which it hopes will prevent future scandals relating to non-payment and under-payment of claims. Due to come into effect from May, the guidelines require insurers to regularly inform members of their board of the number of non-payment cases, as well as the amounts involved. The revision by the FSA has come about as a result of a number of non-payment scandals at locally based insurers, mostly relating to motor cover payments to which claimants were entitled but of which they were unaware.