Japan to Revoke Bigmotor's Registration as Insurance Agent
Tokyo, Nov. 14 (Jiji Press)--Japan's Financial Services Agency plans to revoke major used car dealer Bigmotor Co.'s registration as an insurance agent on Nov. 30 following the revelation of its fraudulent auto insurance claims, financial services minister Shunichi Suzuki said Tuesday.
The administrative penalty, the heaviest punishment against insurance agents, will be given to Bigmotor after the FSA hears opinions from the company on Nov. 21.
Through its on-site inspections of Bigmotor under the insurance business law, the FSA found that the company had not established an appropriate insurance sales system, Suzuki told a press conference.
The FSA investigated the rampant malicious acts at Bigmotor of deliberately damaging customers' vehicles to pad insurance claims as well as the company's poor governance system.
Given that nonlife insurers have decided to cancel their agency contracts with Bigmotor, Suzuki said that the used car dealer would unlikely be able to receive support from them in rebuilding its business.
(2023/11/14-12:58)
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