Execs at 4 major Japanese insurers to take pay cut over price fixing

No criminal charges? Sure sounds like systemic fraud to me.

No laws on the books against this?

oh that would require a larger more functional justice system and active police investigators, which require money….like rubbish bins on the streets or benches

If the Japanese people knew how badly they are being ripped off with everything from healthcare-insurance-food prices then there would be riots on the streets.

However, the vast majority don’t know and are never allowed to know.

The FSA in December ordered the four companies to improve their operations after finding they colluded to set insurance premiums for corporate customers and government agencies.

Ripping off corporate customers and therefore distorting market efficiency: yes. Ripping of the taxpayer: yes. "Ok boys, just make sure you improve your operations." Who can find any merit at all in such "justice"? I am genuinely interested. Doesn't it just encourage more cartels, more distortions, more fraud?

Much like the Toyota, Hino, Daihatsu emissions fraud case. Just told to stop production so that authorities scanned a few files. Then given the all clear to start the factory again.

Yet the average citizen is docked for parking their mamachari in the wrong spot.

They're always greasing the wheels for more corporate evasion.

Why are any of these people still employed, a pay cut means nothing especially when they are overpaid to begin with? Fire them all!!!

The unit will also reduce chairman Satoru Komiya's monthly pay by 30 percent for three months,

He will not even notice the money gone.

A reduction in salary is one of the stupidest penalties you could have. The are all rich. They could lose pay for a year and not notice.

I hate these insurance companies. Getting money from them after something happens is like pulling teeth. Now they've been price fixing on top of that. They suck.

Shrinking markets, make companies and their executives desperate, price fixing hardly surprising. Exactly who believes insurance markets growing in Japan? Hardly any young drive, population falling and aging, so few kids so life insurance market must be in a freefall etc.

Seems hardly a slap on the wrist, this token cut in pay, think of all the consumers who were ripped off?

Do this elsewhere in the OECD and you're fined a hefty percentage of company earnings. These practices and the piss-poor penalties prevent Japanese companies from knowing how to compete in global markets.

Do this elsewhere in the OECD and you're fined a hefty percentage of company earnings. These practices and the piss-poor penalties prevent Japanese companies from knowing how to compete in global markets.

I wouldn't be so sure about that. Just saying....