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Japan's top four casualty insurance firms face $13.6 million in fines for industry-wide cartel

By Sachiko Sakamaki ( October 31, 2024, 09:23 GMT | Insight) -- 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 of 2.07 billion yen ($13.6 million) and cease-and-desist orders today for nine cartel cases. The Japan Fair Trade Commission also issued a corrective order to the non-life insurance broker Kyoritsu and instructed the leaders of the companies to establish more substantial compliance programs. To prevent the recurrence of industry-wide collusion, the regulator asked the financial regulator and an insurance-industry group to toughen antitrust compliance. 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....

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