Individual customers of the failed Nissan Mutual Life Insurance Co. on Sept. 7 urged the Finance Ministry and commercial banks to take responsibility for helping to create a situation that will lead to reduced policy payouts.
"Putting it simply, we were deceived," said Makoto Nakajima, a policy holder from Niigata Prefecture. He was speaking at the first general meeting of a victims' association. About 230 customers from across the country attended the meeting in Tokyo's Ota Ward. The bailout will reduce the amount of payouts by up to 70 percent of the figures stated in original contracts.
The customers were not alone in venting their rage. Employees of Nissan Mutual and some commercial banks joined in voicing outrage over Nissan's insurance products, its sales methods and inadequate administrative action. And a legal adviser to the victims' association mentioned the possibility of suing the Finance Ministry for doing nothing.
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