NU Online News Service, Nov. 18, 2003, 11:20 a.m. EST – The American Council of Life Insurers, Washington, today blasted as unfair competition a new life insurance product recently approved by Japanese regulators.
ACLI criticized the approval by Japan’s Ministry of Public Management, Home Affairs, Posts and Telecommunications of a new insurance product from the country’s government-owned Postal Life Insurance Bureau, known as Kampo.
“Despite the pleas of the domestic industry, several foreign insurance associations and even the governments of some foreign companies operating in Japan’s life insurance marketplace, Japan has decided to permit Kampo’s new life product to be marketed,” says Brad Smith, ACLI’s managing director of international relations.