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December 23, 2002 at 07:00 PM
NU Online News Service, Dec. 23, 9:53 a.m. – AFLAC Inc., Columbus, Ga., says it believes it will have to pay more than $21 million to Japan’s Life Insurance Policyholder Protection Corp.
The Japanese Financial Services Agency wants the country’s surviving life insurers to contribute about $655 million to help shore up the guaranty fund corporation, which protects policyholders against company failures.
In return, the Japanese government would supply $3.4 billion in backing and change the bankruptcy laws to allow for the rehabilitation of failed life insurers, AFLAC says.
