The Financial Services Agency slapped 10 life insurers, including two foreign ones, with business improvement orders Thursday saying their internal controls are insufficient to prevent them from failing to pay benefits to policyholders.
The move is the FSA's latest attempt to remind the major life insurers that they are being monitored and to pressure them to improve internal supervision so the nonpayment scandal of 2005 does not recur.
The 10 insurers failed to pay ¥79.1 billion in benefits owed to policyholders in 993,375 cases between fiscal 2001 and 2005, the FSA said.