New products are needed as new needs develop, stemming from Japan's ageing population and decreasing birth rates. In this exclusive interview with Mr Naruki Mori, Assistant Commissioner for International Affairs, Financial Services Agency, Japan, he shares with us that the FSA is sensitive to these needs and have embarked on deregulation to allow new products such as infertility care insurance and is preparing a necessary revision in the law that would promote entrepreneurial activities such as removing some of the limits on investments for affiliate venture capitals in insurance groups. We append below our Q&A session with him, where we will also hear that ensuring the soundness of the industry remains the key and the FSA is watching companies' risk management strategies carefully but will try to do so without undue regulatory burdens.
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Japan's financial sector underwent a series of deep reforms in the late 1990s aimed at improving the competitiveness of its institutions, while also maintaining the economy's vitality in a rapidly ageing society. Roughly 15 years on, we take a look at whether liberalisation efforts have borne fruits for the insurance sector in Japan.
By Ridwan Abbas
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Mr Yoshio Sato, Chairman of The Life Insurance Association of Japan reflects on the positive outlook of Japan going forward and says it is imperative that life insurers embark on a mission to raise customers' awareness in the life insurance industry.
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In Japan, industry-wide efforts by insurance-related organisations, such as the General Insurance Association of Japan (GIAJ), the General Insurance Rating Organization of Japan (GIROJ) and the General Insurance Institute of Japan (GIIJ), play an important role in promoting soundness of the general insurance industry, says Mr Masaya Futamiya, Chairman of the GIAJ. He shares his experiences and thoughts on the roles and importance of such industry-wide efforts by looking back on developments over the past year.
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The Year of the Horse heralds revitalisation and improvement. Hope is definitely in the air as economists see 2014 as the year when the Japanese insurance industry will gallop towards an epochal change with full confidence - a sentiment Japan lost some 25 years ago. Mr Tetsuya Fujita of ReMark Japan Co Ltd talks about the breath of fresh air from Abenomics and that the Japanese insurance market looks set to see a transformational year in 2014.
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Mergers and acquisitions (M&A) have been a growing phenomenon in the insurance industry across Southeast Asia in recent years. There is a perception that leading Japanese insurance groups have been major players in that activity. Mr Jeff Pirie from Deloitte Southeast Asia looks at the recent transaction activity involving Japanese insurers and whether the momentum that has been built up will be maintained.
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Under the Insurance Business Act of Japan (the "IBL") and related regulations (the "Regulations"), a transfer of insurance policies ("Transfer of Insurance Policies") is a procedure to transfer insurance policies without obtaining the consent of each policyholder.
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