Insurance: Post and Japan

insurance: Based on the reports, the FSA will announce punishments on the two firms aimed at preventing any recurrence of the wrongdoing and clarifying the responsibility of management, according to The Japan Times. The insurance sales irregularities by the two firms are seen to have placed policyholders at a disadvantage in some 183,000 contracts. On Friday, the FSA informed the Japan Post Holdings units of the results of its on-site inspections and urged them to report on the problem, according to sources familiar with the situation. ; Japan Post Insurance and Japan Post Co. are expected to release reports on their in-house investigations shortly. Insurance business law violations are suspected for 1,400 of them. Japan Post Insurance and Japan Post Co. have refrained from insurance marketing activities since the scandal broke. Some 26,000 policyholders are seeking refunds of overpaid insurance premiums or calling for other measures to be taken to address the disadvantage. (news.financializer.com). As reported in the news.