business

Heads of Japan Post group resign over improper insurance sales

7 Comments
By Takashi Umekawa

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Japan’s financial regulator earlier in the day ordered Japan Post Insurance and Japan Post to halt sales of insurance products for three months from Jan 1 through end-March, after they were found to have improperly sold thousands of policies.

So those who need insurance will need to go without or seek another company to have needed insurance? Who's being penalized here? I don't really think a 3 month suspension will do any much.

In addition, only resignation? So he/they retire with a nice pension? Bulk savings from the crime? Would love to know if they have lost their pensions, have to pay back the money, etc.

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Correct that those at the top go. It is always the way that these issues have their roots in an organisation's senior management.

Also, well done to the regulator for not letting another arm of the state get off without punishment - in Japan it often seems like issues are brushed under the carpet. At least here they gave been followed through.

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So those who need insurance will need to go without or seek another company to have needed insurance?

Yeah. There are just so few insurance companies in Japan. How will they ever find another insurance company?

Who's being penalized here?

Japan Post.

-1 ( +0 / -1 )

Well it such good news they got resign instead of being fired and then investigated for charges by prosecutors. I am so happy the elite and upper class in Japan are above all laws. (sarcasm)

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The Japanese KAMPO postal service women are the most aggressive sales people I have ever run into. The products pay garbage on returns and they just keep on trying to get you to buy more and more and you cannot get them out of your home.

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Maybe they should stick to delivering the mail.

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“I accepted this job because I thought I could contribute to the country but I eventually caused troubles. I feel deep sorrow,” Nagato said at a press conference, adding that he had considered resigning from August.

Don’t feel deep sorrow Mr Nagato- compensate those that were mis-sold products...

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