Asian News - Japan: Regulators okay Japan Post's application to do reinsurance business
Source: Asia Insurance Review | Apr 2016
The Internal Affairs and Communications Ministry and Financial Services Agency (FSA) have granted approval for Japan Post Insurance to operate reinsurance business.
The reinsurer will cover products sold by Japan Post Insurance or Japan Post Holdings, as well as those distributed for other life insurance companies, reported A.M. Best citing a FSA statement.
In addition, Japan Post Insurance received approval to start providing free telephone consultation services to policyholders on issues related to tax, medical and nursing care, according to FSA.
The new business aims to enhance convenience for customers and to ensure the stability of business by securing revenues, said Japan Post Insurance in a statement.
In January, Japan Post Insurance announced that it had applied for approval to underwrite reinsurance business to the regulators.