Japan Post probe finds 9,000 cases of mis-sold insurance: Yomiuri
December 15, 2019
TOKYO (Reuters) – An investigation by the Japan Post group has found some 9,000 cases of improperly sold insurance, the Yomiuri Shimbun reported on Sunday, adding the group will release the findings on Dec. 18.
Japan Post Insurance Co Ltd <7181.T>, a unit of Japan Post Holdings <6178.T>, said in September it discovered 6,327 cases of improper sales and that 1,400 cases among them are suspected of violating the law.
A special investigation committee spoke to around 120,000 clients in determining the number of mis-sold policies over the past five years, the newspaper said, citing people familiar with the matter.
In some cases, terms and conditions were not properly explained to clients, while in others sales to the elderly were made without their families present, a violation of internal rules, the Yomiuri reported.
A Japan Post Insurance spokesman said the company was not the source of the report, and that the date to release the final report was not yet decided, declining further comment.
Another group company, Japan Post Bank Co Ltd <7182.T>, also said in September it had improperly sold investment trust products to elderly customers in about 19,500 cases.
Once the internal investigation is concluded, Japan Post Insurance has said it will consider imposing punishments such as disqualifying insurance agents who violated law or internal rules.
(Reporting by Kevin Buckland; Editing by Muralikumar Anantharaman)