The American Council of Life Insurers and America’s Health Insurance Plans have teamed with many other insurance and business associations to object to Japan’s recent postal life privatization move.
The ACLI, Washington, and AHIP, Washington, are joining with property-casualty groups, Canadian insurance groups, European insurance groups and the U.S. Chamber of Commerce, Washington, to ask the Japanese government to revise a “postal reform preliminary draft” released in early February.
Japanese officials developed the draft to continue efforts to revamp the mammoth businesses associated with the country’s postal system.
Japan’s postal life insurance business is the largest life insurer in the world.
The draft is supposed to go before the Japanese Diet this month.
Implementing many measures in the draft “would be inconsistent with Japan’s international obligations and best practices to provide a level playing field between the Japan Post entities and private banks, insurers, and delivery companies and to refrain from special favors that would give Japan Post an unfair competitive advantage,” the ACLI, AHIP, and other organizations issuing the joint statement argued.
The draft calls for: