Staff writer
The "Big Bang" reforms planned for the Japanese insurance industry compare poorly with those of the banking and securities sectors. Nevertheless, they will still do much to raise the attractiveness of the nation's insurance market, according to the head of CIGNA Accident and Fire Insurance Co.
Jonathan Newton, representative director and president, said the reforms suggested in June by the Insurance Council, an advisory panel to the finance minister, lacked the boldness to achieve what Prime Minister Ryutaro Hashimoto last November ordered -- to make the nation's markets "free, fair and global."