Due to cartel investigations, the Japan FTC raids four significant insurers.
Cartel Season 2: The Japan FTC Raids Four Significant Now.
Due to allegations of cartel activity in business insurance policies, the Japan Fair Trade Commission (JFTC) raided four significant Japanese insurance companies as well as two of their agents.
Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Insurance Inc., Mitsui Sumitomo Insurance Co., and Aioi Nissay Dowa Insurance Co. are among the companies involved.
The companies are being investigated for allegedly enforcing trade restrictions that are against Japan’s antimonopoly legislation. According to people familiar with the case, the JFTC took action after discovering evidence of widespread cartel formation among these insurers during an investigation that began in August.
Cartel Season 2 release date:
The Mainichi reports that this is the first time that large general insurance companies have been the subject of accusations of cartel activity under the antimonopoly law. According to reports, the JFTC is thinking of charging the participating companies a surcharge.
The sources claim that the insurers are charged with organizing policy premiums for a number of organizations, such as the Tokyo Metropolitan Government, the Japan Organization for Metals and Energy Security, Jera Co., Keisei Electric Railway Co., and Cosmo Energy Holdings Co.
With the exception of Aioi Nissay Dowa Insurance, the majority of these businesses are also suspected of manipulating Sharp Corp. premiums.
According to the investigation, certain companies were assigned to each type of coverage in the single insurance policies underwritten by a single company for the Tokyo Metropolitan Government.
These assignments included road liability and auto insurance for incidents involving public transportation. insurance with set rates for accidents brought on by flaws in city roadways.
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Based on the Insurance Business Act, the Financial Services Agency (FSA) required the four companies to submit reports in May about allegations of cartel activity, prior to the JFTC investigation.
After receiving information from the FSA, the fair trade commission started looking into policies sold to Tokyu Group and Sendai International Airport Co. in August. According to the JFTC, it plans to carry out more research into these issues.
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