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Japan to deregulate insurance sector
' TOKYO, June I: An advisory panel to Japan's Ministry of Finance (MOF). the Insurance Council, unveiled Sunday a 11 nal proposal to deregulate the insurance Industry, the first such major revision since 1940. MOF officials said, re ports Reuter.
"The report, based on as medium to long term perspec-live, is important in giving us future prospects for the insurance industry," Shun Ayama. Chairman of the council, told reporters. ,
The proposal, which aims to enhance competition and Increase efficiency, ts part of Japan's overall programme to deregulate the financial industry.
The council proposed that life and non-life insurers be allowed to enter banking, trust and securities businesses through subsidiaries both In Japan and overseas, subject to approval from the Finance Ministry.
The government has already submitted a bill to parliament to lower barriers between banks and brokerages and dismantle restrictions within the banking sector
Financing reform concern ing bAnks and brokers Is expected to be Implemented In the fiscal year starting next April, industry source said However, reform of the insurance industry will be car tied oul after the end of 1994
because the ministry will take ■t least one year to prepare a reform bill, a MOF official said.
The Insurance Council's proposal will be submitted to the Finance Minister around June 17. he added
The Insurance Council pro poses allowing life and non-life Insurers to enter accident, Illness and nursing Insurance businesses directly and other businesses through subsidiaries which will be allowed lo use parent company's sales network to sell their products, he said
The Insurance Council pro posed allowing Insurers lo Is sue commercial paper (CP) and borrow money from banks
to help them diversify their sources of funds. Bui the council put off a decision on allowing insurers to issue cor porate bonds.
The usage of the fund through the Issue of CP should be limited only to cover a temporary fund shortage and the maximum amount of the CP Issue should be restricted, the council said.
Also, tong-term fund pro curement must be allowed for capita) spending or Investment In insurers subsidiaries and af filiates both at home and abroad. It said.
The council also proposed deregulating and diversifying sales channels, such as letting one insurance firm's exclusive sales agencies sell other firms' products
Other recommendations include Introduction of a broking system in which Insurance brokers are allowed to advise best insurance prod ucts to their clients.
j In order to cope with growing business risks stem mfng from the deregulation of the Industry, the council pro posed that Insurers establish a safety net mechanism like a deposit Insurance system In the banking and other Indus tries.
It also suggested further disclosure of Insurers' financial data to the public and higher Insurance dividends to policy holders
The council proposed that the MOF should also pave the way for insurers owned by policy holders as mutual com panics to become companies owned by shareholders.
The committee also said that foreign insurance firms doing business In Japan should be regulated under the same laws as the domestic