The Japan TimesAug 6, 2024
Japan's Fair Trade Commission plans to issue cease-and-desist orders to four major nonlife insurers for forming a cartel over premiums for joint insurance contracts for Keisei Electric Railway, in violation of the antimonopoly law, sources have said. https://www.japantimes.co.jp/business/2024/08/06/companies/japan-ftc-order-cartel/ #business #companies #ftc #insurance #tokiomarine #sompojapan
Japan's FTC to issue orders to four major nonlife insurers in premium cartel

The insurers are said to have started prearranging premiums on contracts for Keisei Electric Railway, in which they shared the risk of covering payments, before 2020.

The Japan Times
The Japan TimesOct 11, 2023
The report said the early resumption of business was caused by concerns among Sompo Japan executives about the possibility of losing deals with Bigmotor to rival insurers. https://www.japantimes.co.jp/business/2023/10/11/sompo-japan-bigmotor-independent-panel/?utm_content=buffer0711b&utm_medium=social&utm_source=mastodon&utm_campaign=bffmstdn #business #sompojapan #bigmotor #usedcars #insurance #fraud
Panel raps Sompo Japan's resumption of business with Bigmotor

The report said the resumption of business was caused by concerns among Sompo Japan execs about possibly losing deals with Bigmotor to rivals.

The Japan Times
The Japan TimesSep 27, 2023
The Financial Services Agency began on-site inspections of Bigmotor and Sompo Japan Insurance on Tuesday, aiming to dig deeper into the insurance fraud scandal by the leading used-car dealership chain. https://www.japantimes.co.jp/news/2023/09/19/japan/crime-legal/fsa-bigmotor-inspection/?utm_content=bufferd820a&utm_medium=social&utm_source=mastodon&utm_campaign=bffmstdn #japan #crimelegal #bigmotor #fsa #cars #insurance #sompojapan
Watchdog starts on-site probe of Bigmotor and Sompo Japan

The investigation aims to dig deeper into the insurance fraud scandal by the leading used-car dealer. The probe is likely to take several months.

The Japan Times
The Japan TimesSep 16, 2023
Sompo Japan Insurance President Giichi Shirakawa will step down to take responsibility for the handling of a high-profile insurance fraud involving Bigmotor. https://www.japantimes.co.jp/business/2023/09/08/companies/sompo-japan-big-motor-insurance/?utm_content=bufferb4c0d&utm_medium=social&utm_source=mastodon&utm_campaign=bffmstdn #business #companies #sompojapan #insurance #bigmotor #usedcars #fraud
Sompo Japan president to resign for Bigmotor insurance fraud scandal

The insurer's close relationship with the used car dealership has come under scrutiny since the firm was found to have made fraudulent insurance claims.

The Japan Times
The Japan TimesAug 2, 2023
Scandal-hit major used car dealer Bigmotor is suspected of having concluded fictitious automobile insurance contracts, it was learned Sunday. https://www.japantimes.co.jp/business/2023/07/31/companies/bigmotor-suspected-of-fabricating-insurance-contracts/?utm_content=buffer30e88&utm_medium=social&utm_source=mastodon&utm_campaign=bffmstdn #business #companies #bigmotor #usedcars #insurance #corporategovernance #sompojapan
Bigmotor suspected of fabricating insurance contracts

The news came on top of an investigation report that showed employees padded maintenance fee claims to insurance firms by deliberately damaging cars.

The Japan Times