The Life Insurance Association of Japan plans to appoint Shinichi Yokoyama, president of Sumitomo Life Insurance Co., as its next chairman in September after Meiji Yasuda Life Insurance Co. President Ryotaro Kaneko refused to take the post, sources said Thursday.
Although Yokoyama, 62, was due to take the post next year, the association will move his appointment forward because of the scandal surrounding Meiji Yasuda, which has been accused of illegally withholding insurance money from beneficiaries, they said.
The association will formally decide on the unusual change in its unofficially appointed leadership July 15.
Kaneko, 64, was originally scheduled to succeed Nippon Life Insurance Co. Chairman Ikuo Uno, 70, as chairman on July 15.
But on Tuesday, Kaneko declared his intention to resign from the post of president at Meiji Yasuda to take responsibility for his company's illegal nonpayments.
Kaneko also gave up his appointment as chairman of the industry association.
Since Yokoyama needs some time to prepare for his new role, Uno will extend his term for two months to Sept. 15.