The Financial Services Agency has decided to allow life and nonlife insurance firms to sell each other's products for commission fees, industry sources said Tuesday.
Currently, both life and nonlife insurance firms are allowed to engage in such cross-sales through agencies, but not by themselves.
If realized, the full liberalization of cross-sales would give powerful players leverage to expand their sales channels and increase their commission revenues.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.