MS&AD subsidiaries face regulatory scrutiny over data leaks

MS&AD Insurance Group Holdings (TSE:8725) announced that its subsidiaries, Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, have received business improvement orders from the Financial Services Agency (FSA) related to customer information leakage incidents. The FSA's actions, based on Article 132 of the Insurance Business Act, require the insurers to submit plans by May 30, 2025, to prevent recurrence. These plans will be reviewed by outside specialists. The company noted that the improvement plans will address personal information protection, enhance customer data management, and develop robust risk management systems that can handle evolving business models. They are working to prevent recurrence based on their respective business improvement plans related to the price fixing incidents which were submitted in February 2024, and will review and strengthen the plan to continue striving to restore trust and become a truly customer-oriented insurance companies. MS&AD and its subsidiaries have expressed their apologies for the concern caused by these issues and committed to restoring trust through enhanced compliance and governance.