3 October, 2015
On 30 June 2015, in conjunction with the recent amendments to the General Guidelines for Supervision of Insurance Companies (the Guidelines), most of which are to become effective on 29 May 2016, the Financial Services Agency (the FSA) published drafts of amendments to the Insurance Inspection Manual (the Manual).
Provision of information at the time of execution of insurance policies
- whether appropriate management system on provision of information in soliciting group insurance is established
- whether measures such as provision of appropriate information at the time of solicitation of insurance products are taken in relation to direct payment services where insurance companies directly pay the insurance payments to the designated service providers such as hospitals
Confirmation of intent at the time of solicitation of insurance products
- whether confirmation of intent of customers is appropriately obtained and appropriate measures such as record and maintenance of confirmation of intent are taken
- Management system of insurance solicitors
- whether internal rules regarding solicitation of insurance are establishedwhether customer information is appropriately managed
- whether appropriate measures are taken for sale of its products by its insurance agents which concurrently sell other insurance companies' insurance products comparing across these insurance products provided by multiple insurance companies and making recommendation
Appropriate management on outsourcees of insurance solicitors
- whether appropriate management on outsourcees of insurance solicitors is made so that the outsourcees may not commit any improper acts
The comment period in the public comments procedures finished on 29 July 2015 and the results are expected to be issued within September 2015. These amendments may be adjusted as a result of the public comments procedures and most of which will finally become effective on 29 May 2016.
For further information, please contact:
Jiro Toyokawa, Partner, Baker & McKenzie
jiro.toyokawa@bakermckenzie.com
