The Life Insurance Association of Japan on Tuesday accepted a request by the Financial Services Agency to become administrators for Taisho Life Insurance Co., which collapsed Monday, the association president said.
Association president Ikuo Uno, concurrently the president of Nippon Life Insurance Co., also told a news conference that the industry group believes clear administrative guidelines will be needed to prevent a recurrence of a scandal similar to the one that hit Taisho Life.
Lawyer Akira Kosugi and certified public accountant Hiroshi Misawa were also appointed as administrators to manage Taisho's outstanding assets and to assess the financial condition of the company.