Mitsui Sumitomo Insurance Co. said Wednesday it will cut the pay of President Hiroyuki Uemura and five other executives over a scandal in which it failed to make payments in some 25,000 cases over a three-year period.
The company became the first nonlife insurer to take self-disciplinary measures among Japan's major nonlife insurers at which similar payment failures came to light earlier this year.
Other nonlife insurers, which provide insurance coverage against such events as automobile accidents and fires, are considering what disciplinary measures to take, industry officials said.