MS&AD unit submits progress report to Japan FSA
MS&AD Insurance Group Holdings today announced that its subsidiaries, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, submitted their fourth progress report on business improvement plans to the FSA, following administrative actions in December 2023. The report details the progress made in addressing issues outlined by the FSA and strengthening management and compliance systems. Mitsui Sumitomo Insurance highlights measures to prevent recurrence of inappropriate premium adjustments and strengthen responses to Fair Trade Commission orders. Both companies reaffirmed their commitment to restore trust by prioritizing customer-centric operations and preventing future misconduct. As part of the initiative, Mitsui Sumitomo Insurance aims for improved quality assessment in agent commission structures, targeting 60% by fiscal year 2026, and employee participation in self-improvement programs has increased approximately 300%. MS&AD continues to oversee the two companies business improvement plan with an ultimate goal of group-wide trust and confidence.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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