Triple Play: Misconduct at Japan Post Insurance
Japan Post Holdings, Japan Post, Japan Post Bank, and Japan Post Insurance confirmed cases in which non-public financial information on customers' savings was used at post offices to invite customers to visit the post office for the purpose of soliciting Japan Post Insurance products without prior consent from the customers, and Japan Post Insurance submitted a notice of misconduct regarding this matter to the Financial Services Agency and the Ministry of Internal Affairs and Communications on September 27, 2024, and made the matter public.
In addition, they conducted an investigation into the use of such information for soliciting Japan Post Insurance products, and on October 11 of the same year, they announced the results of the investigation, which revealed that the number of customers who were estimated to have been listed for such insurance solicitation was approximately 1.55 million people, as well as measures to prevent recurrence.
Subsequently, in order to get a more accurate grasp of the actual situation of this incident, clarify the cause, and formulate measures to prevent recurrence, Japan Post expanded the scope of the investigation to include use of investment trusts, etc., analyzed the cause, formulated measures to prevent recurrence, and clarified the responsibility of those involved in the entire case.
Furthermore, Japan Post Insurance has submitted a misconduct report containing these details to the Financial Services Agency and the Ministry of Internal Affairs and Communications on March 18, 2025.
In the course of that deeper investigation, Japan Post Insurance has confirmed cases in which they solicited customers for lump-sum payment whole life insurance that they began selling on January 4, 2024, before obtaining approval for sales under the Insurance Business Act. Japan Post Insurance submitted a report of misconduct regarding these matters to the supervisory authorities on March 7, 2025. Making solicitations before obtaining authorization is a violation of the Insurance Business Act.
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