Proper Operation of Efforts to Restore Trust in the General Insurance Industry
Overview
The Financial Services Agency, jointly with the Ministry of Land, Infrastructure, Transport and Tourism, requested that the General Insurance Association of Japan undertake efforts consistent with the purpose of the Agency’s Insurance Agency Business Quality Assessment System. The system aims to enable agencies to improve quality proactively and independently, taking account of their scale and business characteristics, through ongoing dialogue between general insurance companies and insurance agencies.
Key points
- Following cases indicating that improvements to the system’s operation may be needed, the Financial Services Agency and the Ministry of Land, Infrastructure, Transport and Tourism requested a response from the General Insurance Association of Japan.
- The system is a framework for improving quality through ongoing dialogue that takes account of each agency’s scale and business characteristics.
- The request called for efforts to improve business quality through careful dialogue in line with the purpose of the system.
Overview
General insurance companies use the Insurance Agency Business Quality Assessment System, operated by the General Insurance Association of Japan, as part of efforts to restore trust across the general insurance industry. The system aims to enable agencies to improve quality proactively and independently, taking account of their scale and business characteristics, through ongoing dialogue between general insurance companies and insurance agencies.
Cases were identified at some general insurance companies that indicated a need to improve dialogue with insurance agencies and the operation of the system.
Details
On October 13, the Financial Services Agency, jointly with the Ministry of Land, Infrastructure, Transport and Tourism, requested that the General Insurance Association of Japan undertake efforts to improve business quality through careful dialogue that takes account of agencies’ scale and business characteristics and is consistent with the purpose of the system. For the specific details of the request, readers are directed to the attached file.