Balenciaga Controversy :1 Procedures After The Bigmotor Now
Sompo Japan was ordered to enhance procedures after the Bigmotor controversy.
Sompo Japan and its parent company, Sompo Holdings, have received a directive from Japan’s Financial Services Agency (FSA) requiring enhancements to their operational procedures.
Given their role in the insurance fraud scandal involving used car dealer Bigmotor, this order has been issued.
According to a Mainichi report, the FSA’s investigation showed that the well-known insurance group carried on doing business with Bigmotor even after becoming aware of fraudulent activity.
The agency demanded that the companies change their corporate culture after criticizing them for putting profit ahead of the interests of their customers.
The FSA is also requesting that management roles be made clearer and that insurance companies’ adherence to the law be strengthened.
The scandal that lies at the heart of this problem is Bigmotor’s purported policy of levying exorbitant repair costs. The business allegedly used golf balls and screwdrivers to purposefully damage customers’ cars in order to file false insurance claims.
Pathan Controversy
It is alleged that Sompo Japan, a major auto insurance provider through Bigmotor, purposefully chose to ignore these wrongdoings in order to maintain their business partnership.
It is also alleged that Bigmotor was recommended to customers by the insurance company for auto repairs.
The report of a third-party investigation panel shed light on the extent of vehicle damage inflicted by Bigmotor employees. In 2022, after a whistleblower revealed the fraudulent claims,
Bigmotor was cut off from other major insurance companies; however, later that year, Sompo Japan reportedly started doing business with the dealership again.
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