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Japan's top four casualty insurance firms face $13.6 million in cartel fines

( October 31, 2024, 07:31 GMT | Official Statement) -- MLex Summary: Japan's top four casualty insurance companies — Mitsui Sumitomo Insurance, Aioi Nissay Dowa Insurance, Sompo Japan Insurance, and Tokio Marine & Nichido Fire Insurance — received a total fine today of 2.07 billion yen ($13.6 million) and cease-and-desist orders for nine cartel cases. The insurance broker Kyoritsu also received a corrective order from the nation's competition enforcer. The Japan Fair Trade Commission instructed the leaders of these five companies to improve their antitrust-compliance programs, in an unusual move.  The regulator also issued a caution regarding co-insurance contracts, which facilitated communication and collusion, and asked the financial regulator and the industry group of casualty-insurance companies to strengthen antitrust compliance to prevent the recurrence of industry-wide collusion. ...

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