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April 04, 2005 at 08:00 PM
The cabinet of Japanese Prime Minister Junichiro Koizumi has released a Japan Post privatization plan outline about 4 months later than originally expected.[@@]
One section of the outline deals with privatization of Japan Post’s enormous Kampo postal life insurance system.
The American Council of Life Insurers, Washington, has been teaming up with Japanese insurance groups and outside groups for years to ask Japan officials to apply the same regulatory regime to Kampo that it applies to foreign life insurers and private domestic life insurers.
Back in December 2004, when the ACLI and its allies were expecting Koizumi’s cabinet to release a privatization plan outline any day, the ACLI and its allies emphasized that they wanted Japan to establish tax policies, financial reporting policies, product development policies and other policies that would prefer the Kampo life system from increasing its edge over private insurers during the privatization period.
