Market Research Report
Governance, Risk and Compliance - The Japanese Insurance Industry
|Published by||GlobalData||Product code||330764|
|Published||Content info||62 Pages
Delivery time: 1-2 business days
|Governance, Risk and Compliance - The Japanese Insurance Industry|
|Published: November 7, 2019||Content info: 62 Pages||
The Financial Services Agency (FSA) and the Local Finance Bureau of the Ministry of Finance (LFB) supervise and regulate the Japanese insurance industry. The FSA is the governing authority that supervises and regulates insurance activity in the country. It delegates part of its authority to the LFB, which is primarily responsible for providing licenses to insurance brokers. However, the Prime Minister is responsible for issuing or canceling licenses of insurance and reinsurance companies in Japan.
The Insurance Business Act 1995, the Order for Enforcement of the Insurance Business Act 1995, and the Insurance Act 2008 are the principal regulatory legislations to supervise the country's insurance and reinsurance activities. The Government promulgated the Insurance Business Act in 1939 and comprehensively revised it in June 1995, and the revisions came into effect in April 1996. The Act stipulates provisions for licensing, financial requirements, policy terms and conditions, and penalties for offenders. The definition of insurance business stipulated in the Insurance Business Act includes both insurance and reinsurance business; thus the FSA regulates insurers and reinsurers in the same manner in accordance with the provisions of the Act.
The Insurance Act 2008, promulgated in May 2008 and enforced in April 2010, regulates the relationships between insurers and the insured. A reinsurance contract is considered a type of non-life insurance contract, and is regulated in accordance with the provisions of the Insurance Act 2008. The Local and Central Government and certain government institutes issue public insurance contracts including worker's compensation insurance, health insurance, long-term care insurance, annuity insurance and trade insurance. The Insurance Act 2008 does not govern such classes of insurance. Furthermore, the Insurance Business Act is not applicable to insurance business carried out within a limited group of fewer than 1,000 individuals.
The report "Governance, Risk and Compliance - The Japanese Insurance Industry" is the result of extensive research into the insurance regulatory framework in Japan. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.