Meiji Yasuda Life Insurance Co. President Ryotaro Kaneko announced his intention to resign at a representative members' meeting Tuesday because new cases of the company illegally withholding policy payouts have been discovered.
The Financial Services Agency, which has been investigating Japan's third-largest life insurer over its premium revenues, may impose more administrative punishments on Meiji Yasuda when the extent of the alleged misconduct is clarified, industry sources said.
"I'd like to make clear (that top managers are responsible)," Kaneko said at the meeting.