FSA to Inspect Bigmotor, Sompo Japan from Sept. 19
Tokyo, Sept. 12 (Jiji Press)--Financial services minister Shunichi Suzuki said Tuesday that on-site inspections of scandal-hit Bigmotor Co. and its business partner Sompo Japan Insurance Inc. will begin on Sept. 19.
The Financial Services Agency notified the two companies early last week of its plans to conduct on-site inspections over the insurance fraud scandal involving the major used car dealer.
"We want to identify the root cause of the problem by also examining their management systems," Suzuki told a press conference, adding that the agency will respond strictly if any problems are found in terms of policyholder protection.
Over the scandal, Sompo Japan President Giichi Shirakawa announced his resignation on Friday.
Under Shirakawa's initiative, the nonlife insurer in July last year resumed the practice of referring its customers to Bigmotor, despite knowing that the results of an internal investigation by Bigmotor had been altered.
(2023/09/12-16:37)
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