Japan's Financial Services Agency released its monitoring results for the insurance industry on the 6th, highlighting that strengthening internal management and checks and balances is a key challenge following cases of monetary fraud by sales agents at some life insurers. The industry has seen a series of such fraud cases come to light, involving agents at Prudential Life Insurance and Sony Life Insurance. In the published report, the agency noted that the improper receipt of money from customers by life insurance agents should not be treated as a mere off-duty matter, but rather as incidents that occurred against the backdrop of relationships built with customers through sales activities. It called for appropriate customer handling and the implementation of measures to prevent recurrence from the standpoint of customer protection.
Sony Group CorporationFSA flags need for stronger internal controls after fraud by Sony Life agents
Prudential Financial, Inc.FSA flags need for stronger internal controls after fraud by Prudential Life agents
