The Financial Services Agency plans to tighten its supervisory controls over life and nonlife insurance companies in a bid to keep a closer watch over the nation's hard-pressed insurance industry.
The agency mapped out the reform policy after two high-profile insurers failed last autumn, FSA sources said.
Kyoei Life Insurance Co. and Chiyoda Mutual Life Insurance Co., Japan's 11th- and 12th-ranked life insurers, went belly up in October with combined debts of more than 7 trillion yen.