LIFE INSURANCE BUSINESS IN JAPAN

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1 LIFE INSURANCE BUSINESS IN JAPAN The Life Insurance Association of Japan

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3 Contents 1. Summary of the Life Insurance Market in Fiscal a ) Insurance Business Results... 2 b ) Revenues and Expenditures... 7 c ) Assets... 9 d ) Liabilities and Net Assets e ) Member Companies and Sales Force Topics in Life Insurance Industry a) Revisions to the Insurance Business Act b) Introduction of Orderly Resolution Regime for Financial Institutions c) Reduction in the Standard Assumed Interest Rate d) New Insurance Products/Services and Solicitation Rules Our Activities a) Activities for Reflecting Consumers' Opinions b) Requests and Proposals to Parties Concerned c) Establishment of Appropriate Business Structure. and Ensuring Appropriate Payment of Benefits...19 d) Sharing of Initiatives by Life Insurance Companies for the Elderly e) Measures for Promoting the Simplicity and Clarity of Solicitation Materials f) Measures against Earthquake Disasters g) Activities for Clearly Disclosing Information h) Approach to Environmental Issues i ) Educational System j) Life Insurance Consultation Center k) Social Service Activities l) Measures against Moral Hazard m) LINC (The Life Insurance Network Center) Requests and Proposals a) Tax Reform b) IASB c) IAIS d) Others The Life Insurance Association of Japan () Organization Chart Board Members Member Companies Appendix I. Voluntary Guideline List II. Japan Institute of Life Insurance (JILI) III. Life Insurance Policyholders Protection Corporation of Japan (LIPPCJ)...43

4 1. Summary of the Life Insurance Market in Fiscal 2012 a) Insurance Business Results 1) Individual Insurance The number of new policies for individual insurance (including converted contracts) was million (121.3% y/y), and the amount of new policies (reflecting the net increase arising from the conversion) was 71,345 billion yen (108.8% y/y) for fiscal Among the number of new policies for individual insurance (excluding converted contracts), whole life insurance ranked top (30.57% of the total), followed by medical life insurance (24.47%), term insurance (14.42%), endowment insurance (11.91%) and cancer insurance (9.56%). The number of policies in force for individual insurance was million (106.9% y/y), and the amount of policies in force was 861,651 billion yen(99.6% y/y). Among the number of policies in force for individual insurance, whole life insurance ranked top (34.99% of the total), followed by medical life insurance (20.43%), cancer insurance (15.11%), term insurance (10.53%) and endowment insurance (9.21%). Table 1 New Policies and Policies in Force for Individual Insurance Fiscal Year New Policies (Number: million, Amount: billion yen, Y/Y: %) Policies in Force Number Amount Number Amount Y/Y Y/Y Y/Y Y/Y , , , , , , , , , , (Note)The number includes converted contracts, and the amount reflects the net increase arising from the conversion. 2

5 1. Summary of the Life Insurance Market in Fiscal 2012 Figure 1: Percentage Distribution of Individual Insurance by Type (Number of New Policies) Whole Life Insurance Term Insurance Endowment Medical Life Insurance Cancer Insurance Juvenile Insurance Others *Excluding converted contracts Figure 2: Percentage Distribution of Individual Insurance by Type (Number of Policies in Force) Whole Life Insurance Term Insurance Endowment Medical Life Insurance Cancer Insurance Juvenile Insurance Others *Excluding converted contracts 3

6 1. Summary of the Life Insurance Market in Fiscal ) Individual Annuity Insurance The number of new policies for individual annuity insurance (including converted contracts) was 1.65 million (103.9% y/y), and the amount of new policies (reflecting the net increase arising from the conversion) was 8,563 billion yen (108.4% y/y). Among the number of new policies for individual annuity insurance (excluding converted contracts), fixed individual annuity insurance accounted for 94.2% of the total and variable individual annuity insurance accounted for 5.8% of the total in fiscal The number and amount of policies in force for individual annuity insurance for this fiscal year were million (103.4% y/y) and 103,518 billion yen (104.7% y/y), respectively. Among the number of policies in force for individual annuity insurance, fixed individual annuity insurance accounted for 83.7% and variable individual annuity insurance for 16.3% of the total in fiscal Table 2 New Policies and Policies in Force for Individual Annuity Insurance Fiscal Year New Policies (Number: million, Amount: billion yen, Y/Y: %) Policies in Force Number Amount Number Amount Y/Y Y/Y Y/Y Y/Y , , , , , , , , , , *The number includes converted contracts, and the amount reflects the net increase arising from the conversion. 4

7 1. Summary of the Life Insurance Market in Fiscal 2012 Figure 3: Percentage Distribution of Individual Annuity Insurance by Type (Number of New Policies) 5.8 Fixed Annuity 94.2 Variable Annuity *Excluding converted contracts Figure 4: Percentage Distribution of Individual Annuity Insurance by Type (Number of Policies in Force) 16.3 Fixed Annuity 83.7 Variable Annuity *Excluding converted contracts 5

8 1. Summary of the Life Insurance Market in Fiscal ) Medical Insurance The number of policies in force for independent medical life insurance was million (108.8% y/y), and the amount of policies in force was 4,680 billion yen (99.0% y/y) for this fiscal year. The amount of policies in force for medical life insurance represents only the amount of death benefits and does not include the amount of benefits such as hospitalization benefits (for products without death benefits, while their number is included in the number of policies in force, the amount of benefits is not included in the amount). Many products these days limit the amount of death benefits while enhancing benefits for hospitalization and surgery. Therefore, even though the number of policies in force has increased, the amount of policies in force has decreased. In addition to independent medical life insurance policies, there are some types of medical insurance such as insurance policies with hospitalization and surgery riders (which provide medical benefits for hospitalization and surgery due to unforeseen accidents and sickness), and medical care insurance (which supplements the public medical insurance scheme with medical treatment benefits covering copayments in public medical insurance for hospitalization due to unforeseen accidents and disease). With respect to insurance policies with riders to individual life insurance and individual annuity, the number of policies with accidental hospitalization riders in force was million (102.0% y/y), those with sickness hospitalization riders in force was million (102.4% y/y), and those with surgical benefit riders in force was million (101.7% y/y). The number of policies in force for medical care insurance was 1.70 million (100.9% y/y). Table 3 Policies in Force for Medical Insurance Contracts (Number: million, Amount: billion yen, Y/Y: %) Fiscal Year Independent Medical Life Insurance Accidental Hospitalization Sickness Hospitalization Surgical Benefit Medical Care Insurance Number Amount Number Number Number Number , , , , , y/y (%)

9 1. Summary of the Life Insurance Market in Fiscal 2012 b) Revenues and Expenditures 1) Premium Income Total premium income was 37,140 billion yen (102.3% y/y). Among the premium income, individual insurance was 24,099 billion yen (106.0% y/y), individual annuity insurance was 4,374 billion yen (93.5% y/y), group insurance was 1,109 billion yen (99.6% y/y), and group annuity insurance was 3,683 billion yen (93.8% y/y). Table 4 Breakdown of Premium Income (billion yen) Fiscal Year Total Premium Income Individual Insurance Individual Annuities Group Insurance Group Annuities Others ,063 16,634 6,670 1,128 3,737 5, ,116 17,641 6,640 1,133 3,727 4, ,454 20,447 4,802 1,115 3,812 4, ,289 22,734 4,679 1,114 3,925 3, ,140 24,099 4,374 1,109 3,683 3,874 Y/Y (%) ) Investment Results The interest and dividends increased from the previous year to 6,475 billion yen (102.9% y/y), and the profits on asset management of special accounts also increased to 2,897 billion yen (513 billion yen in the previous year). Besides, the foreign exchange profit was 1,184 billion yen (81 billion yen in the previous year). The total investment income was 11,835 billion yen (145.4% y/y). The investment yield on assets in general accounts was 2.36%. The breakdown of items of assets is as follows: bonds (2.00%), foreign securities (5.25%), loans (2.18%), real estate (2.35%), and domestic stocks (0.61%). Table 5 Investment Income (billion yen) Fiscal Year Interest and Dividends Securities Loans Real Estate Others Profit on Sales of Securities Foreign Exchange Profit Others Total ,223 4,451 1, , , ,099 4,459 1, ,274 10, ,265 4,764 1, , , ,293 4, , , ,475 5, ,184 3,238 11,835 Y/Y (%) Table 6 Portfolio Yield Classified by Type of Asset (%) Fiscal Year General Account Assets Bonds Domestic Stocks Foreign Securities Loans Real Estate

10 1. Summary of the Life Insurance Market in Fiscal ) Insurance Benefits Paid The total amount paid by all life insurance companies under life insurance contracts in fiscal 2012 was 31,685 billion yen (101.5% y/y). Among the amount of insurance benefits paid, claims paid amounted to 15,296 billion yen (94.8% y/y), annuities paid amounted to 3,360 billion yen (107.2% y/y), and benefits amounted to 3,936 billion yen (103.5% y/y). Table 7 Breakdown of Insurance Benefits Paid (billion yen) Fiscal Year Insurance Benefits Paid a Claims Paid Annuities Paid Benefits ,818 19,965 2,351 4, ,681 18,829 2,558 4, ,049 17,243 2,876 3, ,208 16,143 3,134 3, ,685 15,296 3,360 3,936 Y/Y (%) a. Including others 4) Basic Profit and Ordinary Profit The basic profit of member companies, which represents the profitability of the life insurance business for fiscal 2012, was 3,259 billion yen (106.0% y/y). Ordinary profit was 2,564 billion yen (99.2% y/y). Table 8 Basic Profit and Ordinary Profit (billion yen) Fiscal Year Basic Profit* Ordinary Profit , ,848 1, ,628 1, ,074 2, ,259 2,564 Y/Y (%) *Basic Profit = Ordinary Profit - Capital Gain/Loss - Nonrecurring Income/Loss 8

11 1. Summary of the Life Insurance Market in Fiscal 2012 c) Assets As of the end of fiscal 2012, total assets stood at 344,998 billion yen (105.5% y/y). Among the items, securities accounted for 80.7% of the total assets (278,244 billion yen, 108.0% y/y) followed by loans accounting for 11.7% of the total (40,244 billion yen, 95.4% y/y). Among securities items, Japanese government bonds ranked top with 148,769 billion yen (105.3% y/y) accounting for 53.5% of the total securities, followed by foreign securities at 55,986 billion yen (119.3% y/y), corporate bonds at 25,155 billion yen (99.3% y/y), stocks at 16,725 billion yen (113.4% y/y) and local government bonds at 13,934 billion yen (105.9% y/y). Bonds (total of government bonds, local government bonds and corporate bonds) are tending to increase (187,858 billion yen, 104.5% y/y). Among the amount of total assets, bonds accounted for 54.5%, foreign securities for 16.2%, and stocks for 4.8% of the total in fiscal Table 9 Breakdown of Assets (Amount: billion yen, Ratio:%) Fiscal Year Cash/Deposits Call Loans Monetary Trust Securities Ratio Ratio Ratio Ratio , , , , , , , , , , , , , , , , , , , , Y/Y (%) (Continued) Fiscal Year Tangible Fixed Loans Others Assets Ratio Ratio Ratio Total Assets , , , , , , , , , , , , , , , , , , , ,998 Y/Y (%) Table 10 Breakdown of Securities (Amount: billion yen, Ratio:%) Local Government Fiscal Government Bonds Corporate Bonds Stocks Bonds Year Ratio Ratio Ratio Ratio , , , , , , , , , , , , , , , , , , , , Y/Y (%) (Continued) Fiscal Foreign Securities Other Securities Bonds a Stocks Year Ratio Ratio Ratio Ratio , , , , , , , , , , , , , , , , , , , , Y/Y (%) a. Including national government bonds, local government bonds, corporate bonds and other foreign securities 9

12 1. Summary of the Life Insurance Market in Fiscal 2012 d) Liabilities and Net Assets Total liabilities stood at 328,673 billion yen (104.2% y/y) as of the end of fiscal 2012, accounting for 95.3% of the total of liabilities and net assets. Meanwhile, total net assets were 16,324 billion yen (142.2% y/y), accounting for 4.7% of the total of liabilities and net assets. Table 11 Liabilities and Net Assets (billion yen) Fiscal Year Liabilities a Insurance Reserves Price Fluctuation Reserves Net Assets , ,133 1,374 6, , ,202 1,461 10, , ,379 1,500 9, , ,683 1,679 11, , ,433 2,127 16,324 Y/Y (%) a. Including others e) Member Companies and Sales Force The number of member companies, which are all life insurers operating in Japan, stood at 43 as of the end of December 2013 including 5 mutual insurers. The number of member companies with foreign participation stood at 18 as of the end of December 2013, composed of 15 domestic companies with foreign capital and 3 branch offices of foreign companies. The number of tied sales agents decreased from the previous year to 233 thousand (98.7% y/y), and also the number of agencies decreased from the previous year. Meanwhile, the number of sales representatives at agencies has continued to increase since the lifting of the ban on bancassurance in fiscal 2002, rising to 1,011 thousand (100.6% y/y). Table 12 Number of Member Companies and Agents/Agencies Fiscal Member Number of Sales Force (in thousands) Year Companies* Tied Agents Agencies Sales Reps at Agencies (35) (40) (41) (38) , (38) ,011 *Numbers in parentheses are those of stock companies. As of the end of the fiscal year. Reference: Member Companies with Foreign Participation* (As of the end of December 2013) Domestic Companies with Foreign Capital Branch Offices of Foreign Companies AEGON Sony Life Crédit Agricole Life Manulife Life Prudential Life Aflac Allianz Life AIG Fuji Life MassMutual Life Prudential Gibraltar Financial Life Cardif Assurance Vie AXA Life Hartford Life PCA Life MetLife Alico Zurich Life AXA Direct Life ING Life Gibraltar Life *Foreign stake of 50% or more 10

13 2. Topics in Life Insurance Industry a) Revisions to the Insurance Business Act With the aim of developing the environment to help enhance the international competitiveness of Japanese insurers and promote business restructuring while protecting policyholders, partial revisions were made to the Insurance Business Act as of March 31, 2012, including reviewing the regulation on the scope of business of subsidiary companies of acquired foreign insurance companies and extending the period of availability of the government subsidy to Life Insurance Policyholders Protection Corporation of Japan. In addition, the regulations on asset investment ratio were abolished followed by the revisions of the Ordinance for Enforcement of the Insurance Business Act in April ) Revision of regulation on the scope of business of subsidiary companies of acquired foreign insurance companies Under the former regulation, only certain types of companies were eligible to be held as subsidiary companies such as insurance companies, banks and insurance companies operating business in foreign jurisdictions. As a result, some Japanese insurance companies had to set conditions to dispose of companies that could not be held as subsidiary companies when acquiring an insurance company in foreign jurisdictions, thus making it hard for Japanese companies to enter overseas markets. The revised regulation allows Japanese insurance companies to hold subsidiary companies of acquired insurance companies in foreign jurisdictions, which are ineligible to be held as subsidiary companies, within a certain period (5 years) in principle. Moreover, if disposal of the companies within a certain period is hindered, there are exceptions where Japanese insurance companies are allowed to hold the subsidiary companies beyond the period under certain conditions with the approval of the FSA. 2) Revision of regulation on transfer of insurance contracts Under the former regulation, it was specified that "a transfer of insurance contracts shall cover the insurance contracts comprehensively for which the policy reserve is calculated on the same basis" when transferring insurance contracts to another insurance company (i.e. administrative approval). This regulation restricted to some degree the transfer of insurance contracts, thus hampering the restructuring of an insurance company depending on the characteristics of customers and distribution channels. While maintaining the administrative approval on the transfer of insurance contracts, the revised regulation abolishes the regulation on the transfer unit of insurance contracts after taking required measures (e.g. enhancing information provision and reviewing the requirements for sustaining objections) to ensure fairness among and the protection of policyholders. 11

14 2. Topics in Life Insurance Industry 3) Abolition of regulation on suspension of conclusion of insurance contracts The former regulation specified that "the transferor company shall not conclude any insurance contract that belongs to the same class as the insurance contracts to be transferred, for the period ranging from the time of adoption of the resolution to the time of execution or renunciation of the transfer of insurance contracts (regulation on suspension of conclusion of insurance contracts)". However, it was pointed out that, in case where an insurance company transfers the insurance contracts on the premise of continuing the business such as where a branch office in Japan of a foreign insurer becomes locally incorporated, this regulation may hinder certain procedures such as renewal of insurance contracts, and thus be inconvenient to policyholders. The revised regulation abolishes the regulation on suspension of conclusion of insurance contracts, while imposing an obligation on insurance companies to obtain the consent of policyholders for the transfer of insurance contracts to the transferee company in case when they conduct insurance solicitation activities for insurance contracts to be transferred during the period of the transfer of insurance contracts. 4) Extension of period of availability of government subsidy to Life Insurance Policyholders Protection Corporation of Japan Under the former regulation, a government subsidy was available for Life Insurance Policyholders Protection Corporation of Japan (LIPPCJ) to provide financial aid to insolvent life insurers under certain conditions, in case the ceiling on industry contributions could not cover the full amount of financial assistance for bankruptcy of life insurers, until the end of March However, taking into account the impacts of the Great East Japan Earthquake and the confusion in the global financial and capital markets since the European sovereign-debt crisis, it was revised to extend the availability of the government subsidy for another 5 years in order to ensure sufficient protection for policyholders. (Refer to page 43 to 45, Annex III for the summary of LIPPCJ.) Accumulation limit 400 billion 16.2 billion (As of the end of March 2011) 0 Borrowing limit 460 billion 40 billion each year (Accumulated until 2020 under the current system) Accumulation Borrowing (Government-guaranteed loans are available) (Government subsidy is available) Extend availability period from March 2012 to March ) Abolition of regulation on asset investment ratio There had been a regulation on the asset investment ratio which set ceilings on each type of assets to be hold by insurance companies calculated by multiplying total assets by a certain ratio (e.g. 30% for domestic stocks, 30% for foreign currency-dominated assets, and 20% for real estate), known as "3-3-2 rules". However, this regulation is abolished in accordance with the partial revision to the Ordinance for Enforcement of the Insurance Business Act as of April 18,

15 2. Topics in Life Insurance Industry b) Introduction of Orderly Resolution Regime for Financial Institutions The global financial crisis triggered by the failure of Lehman Brothers clarified that there is a potential risk that distress and failure of systemically important financial institutions may spread across financial markets and cause a serious impact on the real economy. In response, a framework for new effective orderly resolution regimes for financial institutions has been discussed internationally, and the FSB paper "Key Attributes of Effective Resolution Regimes for Financial Institutions" was published and endorsed by the G20 member countries at the Cannes Summit in November Reflecting these global trends, the Act for Partial Revision to the Financial Instruments and Exchange Act was enacted, and the Deposit Insurance Act was revised as of June 12, 2013 to introduce a new orderly resolution regime for financial institutions. The framework of the regime is as follows. Scope Financial institutions including depositary financial institutions, insurance companies, financial instruments business operators, financial holding companies. Procedure and condition for initiating the orderly resolution regime for financial institutions The Prime Minister declares and confirms the need to implement the orderly resolution regime for financial institutions, following deliberations by the Financial Crisis Response Council, when it is considered necessary to prevent significant disruptions to the market. Resolution Measures Oversight by the Deposit Insurance Corporation of Japan (DICJ) Provision of liquidity and financial assistance *Capital injection may be undertaken as necessary provided the financial institutions are not insolvent. The measures reduce market transactions, while ensuring the performance and continuation of obligations which are critical for stabilization of the financial system, thereby achieving orderly resolution of financial institutions and preventing severe disruption to the market. (Note) When the measures above are implemented, contractual bail-in options (writing down of unsecured debts or converting unsecured debts into equity) are exercised. Funding The government provides guarantees for the DICJ's funding. However, if losses are incurred, in principle the expenses need to be borne ex post by the financial industry's participants. The government may provide financial support in exceptional cases. The DICJ shall record its expenses in the Crisis Management Account. Business in Japan 2012/

16 2. Topics in Life Insurance Industry c) Reduction in the Standard Assumed Interest Rate The standard policy reserve is introduced as the standard level for accumulating policy reserves in accordance with the revision of the Insurance Business Act in 1996 to ensure the soundness of life insurance companies, and life insurance companies are required not to fall below the amount of the standard policy reserve for a certain type of insurance contracts. Under this standard policy reserve regime, the assumed interest rate used for calculating the standard policy reserve (hereinafter referred to as "standard assumed interest rate") is prescribed, for which the calculation method is specified in a public notice of the Ministry of Finance. In April 2013, the FSA reduced the standard assumed interest rate for the first time in 12 years. This is because Japan has been in an excessively low-interest rate environment for about two decades, and the 10-year JGB yield used to calculate the standard assumed interest rate has remained at a low level for a long time. The standard assumed interest rate which is applied to insurance contracts concluded on or after April 1, 2013 is reduced from 1.5% to 1.0%. d) New Insurance Products/Services and Solicitation Rules Along with the changes in social conditions in Japan, such as the declining birthrate and rapidly aging population, the people's needs for insurance products and services are changing. The distribution channels are also changing and becoming diverse, including large-scale insurance agencies. Responding to these changes, the "Working Group on the Provision of Insurance Products/Services" was established within the Financial System Council to deliberate the modalities for insurance products and services as well as the rules and regulations relating to solicitation and sales of insurance products. Based on these deliberations, the Working Group compiled and published a report entitled "New Insurance Products/Services and Solicitation Rules" on June 7, A summary of the report is as follows: New insurance products/services In line with the changes in social conditions such as the declining birthrate and aging population, the needs and expectations of the public towards the insurance products and services of insurance companies and groups are changing; therefore, the following revisions should be made to address these new needs. Development of new types of insurance products Fertility treatment insurance Direct benefit payment to service providers Expansion of business scope of insurance companies/groups Lifting of ban on the operation of nursery schools by subsidiaries Rules and regulations regarding insurance solicitation/sales The distribution channels of life insurance products have become diverse. Sales of insurance at banks, at walk-in insurance shops and via the internet have been increasing, and also insurance agencies are expanding in size. Therefore, the following revisions should be made to deal with the changes in insurance solicitation. Creation of basic rules for insurance solicitation Introduction of obligation to ascertain the customer's wishes Clearly spell out general principles for proposing products in accordance with the customer's wishes. Legal obligation to provide information Make it mandatory to offer explanations on product information during insurance solicitation under laws and regulations. Simplification of solicitation documents (voluntary efforts by the insurance industry) Make solicitation documents easier for subscribing customers to understand by omitting unnecessary information. 14

17 2. Topics in Life Insurance Industry Obligations of insurance solicitors Introduction of obligation for insurance solicitors to develop/reinforce legal compliance regimes Make it mandatory for insurance agencies themselves to develop legal/regulatory compliance regimes. Revision of regulations concerning agencies for multiple insurance companies Require agencies to provide justifications clearly for presenting and recommending a specific product when comparing the products of multiple insurance companies. Insurance solicitors' responsibility to manage subcontractors Require insurance agencies to properly manage their subcontractors, as is required for insurers. Scope of applicability of solicitation regulations Restructuring/clarification of the scope of applicability of solicitation regulations Restructure and clarify the scope of applicability of solicitation regulations in line with the diversification of solicitation processes, such as the emergence of comparison websites and referral services of potential clients. Review of regulations pertaining to insurance brokers Simplification of contract procedures, and reduction in the level of minimum security deposit required. The Report asks the relevant authorities and related parties in the insurance industry to reinforce and develop relevant regimes based on the discussions in the Report and to promote financial education in order to help consumers obtain a certain level of knowledge on insurance. 15

18 3. Our Activities a) Activities for Reflecting Consumers' Opinions The is conducting the following activities in order to promote the better management of life insurance companies from the standpoint of consumers by feeding back consumers' opinions to the companies. 1) Holding Interactive Dialogues on Life Insurance The holds the "Interactive Dialogue on Life Insurance" in cooperation with the Japan Institute of Life Insurance (JILI, see page 42) and local offices, with the aim of promoting a proper understanding of the life insurance business. In fiscal 2012, the held 116 meetings in total with consumers' groups/organizations and journalists. In the meetings, there was positive feedback on the efforts made by the life insurance companies and the in the aftermath of the Great East Japan Earthquake, as well as a number of comments on the industry's initiatives for the elderly. Also, the periodically visits consumer organizations to provide information or to hear their opinions on the life insurance industry and the 's activities. 2) Operating the Secretariat of Consumers' Opinions With the aim of reflecting consumers' opinions in the business management of life insurance companies, the operates the Secretariat of Consumers' Opinions, which collects and analyzes information such as on counseling or complaints, as well as opinions or requests from consumers received by the and opinions of outside experts received at the Arbitration Advisory Committee (see page 27), and then shares the information with member companies. The Secretariat also exchanges information on specific best practices of member companies and on findings from their actual business. Mechanism for reflecting consumers' opinions in the business management of life insurers Arbitration Council Arbitration Advisory Council Consumers Opinions Life Insurance Consultation Center Comments/ Proposals Secretariat of Information sharing Secretariat of Consumers Opinions Cross-sectoral body within the secretariat of Collect and analyze consumers opinions Japan Institution of Life Insurance Report Consultation Center Council Members: Responsible officers for consultation Exchanging information about complaints Sharing best practices Committees Members: Directors and senior managers Sharing information Discussing measures if needed Reflect in the business management 16

19 3. Our Activities b) Requests and Proposals to Parties Concerned The submits various requests and proposals to the parties concerned in order to promote the sound development of the life insurance industry and maintain its reliability (refer to page 31 to 34 for details). 1) Request on Tax Reform and PR Campaign regarding the New Tax Deduction Scheme for Life Insurance Premiums The made requests to maintain and expand the exemption of inheritance tax on death benefits in the 2013 tax reform. Since the private sector is playing an increasing important role in complementing the public sector in providing life security, the will continuously make requests for tax incentives from the standpoint of policyholders. At the same time, with regard to the new tax deduction scheme for life insurance premiums that came into effect on January 1, 2012, which provides tax deductions for long-term care/medical insurance additionally, the is conducting a PR campaign of this new scheme through newspaper ads and its website. 2) Approach to Postal Privatization Issues The revised Postal Service Privatization Act was enforced in April 2012, and the privatization process is under way in the Japan Post Group. The considers that it is not acceptable to increase the amount limit and business scope of Japan Post Insurance without "ensuring a level playing field" and without "preparing an appropriate system" including on underwriting and insurance payouts. Therefore, the continues to express these concerns to the parties concerned when appropriate. 3) Request on Utilization of Number System Legislative bills were enacted on 24 May, 2013 for introducing an identification numbering system to facilitate the management of personal information for taxation and social security purposes. With regard to expansion of the use of the system to the private sector, discussions will be made three years after the laws are enforced (scheduled in the fall of 2015), considering the progress on implementation of the laws. If expansion to the private sector is considered reasonable, the necessary measures will be taken while obtaining consensus from the general public. The considers that utilization of this network system for the life insurance industry would enhance the convenience of policyholders, the efficiency of the life insurance industry, and all administrative matters such as ensuring prompt payment of insurance benefits both in case of disaster and in ordinary times; therefore, the is requesting that life insurers be allowed to use the network system at an early stage. 17

20 3. Our Activities 4) Request on International Regulations and Accounting Standards (see page 32 to 33) Amid the ongoing globalization of the insurance industry, the submits various comments to international organizations including the International Association of Insurance Supervisors (IAIS) and the International Accounting Standards Board (IASB) in order to appropriately reflect the characteristics of the life insurance business in Japan. Moreover, the continuously follows up the implementation of the Foreign Account Tax Compliance Act (FATCA) in U.S. and the discussions on the global standard for automatic exchange of financial account information prepared by the Organisation for Economic Co-operation and Development (OECD), and will urge the parties concerned to appropriately reflect the characteristics of the life insurance business when appropriate. In order to strengthen the voice of the insurance industry, the is stepping up cooperation with insurance associations in other jurisdictions by joining the Global Federation of Insurance Associations (GFIA) which was established in October About the Global Federation of Insurance Associations (GFIA) The GFIA is a non-profit association established to represent national and regional insurance associations. Currently, its 37 member associations represent insurers that account for around 87% of total insurance premiums worldwide. 5) Enhancement of Stock Valuations The conducts questionnaire surveys of listed companies and institutional investors and analyzes settlement data. The collects and publishes its requests from the position of shareholders and institutional investors on improvements and ways to enhance stock valuations. In March 2013, the published its requests on the setting and announcement of business objectives, the enhancement of shareholder returns, and the improvement of corporate governance. 18

21 3. Our Activities c) Establishment of Appropriate Business Structure and Ensuring Appropriate Payment of Benefits The and member companies are making the following efforts to fulfill the roles and social mission of the life insurance industry such as the payment of insurance benefits by ensuring that businesses are managed in the interest of policyholders. 1) Development of Voluntary Guidelines (see page 41, Annex I) To enable life insurers to provide appropriate handling and best services for policyholders, from arranging the contract to the payment of benefits, the has prepared voluntary guidelines which include practical transactions and points to consider. These guidelines are referred to by each member company and their executives and regular employees, and are periodically reviewed by the. Last year, the revised particular guidelines (Guidelines for Appropriate Representation of Life Insurance Products, Guidelines for Policy Overview, Guidelines for Warning Information, and Guidelines for Pre-contract Documentation) in accordance with the findings from the compiled measures for promoting the simplicity and clarity of solicitation materials, in order to make solicitation materials simpler and easier to understand. 2) Collection and Sharing of Best Practices The monitors the measures taken by member companies in accordance with the voluntary guidelines on a regular basis, once a year in principle. The collects examples of practices adopted by member companies to improve customer services including measures reflecting the opinions and requests from consumers, and shares the information with all member companies to promote the application of guidelines in the management of the companies. 3) Development of Manual for Earthquakes and for New Strains of Influenza To fulfill the social mission of the life insurance industry, the takes several measures to continue its important business such as payment of insurance benefits, even in extraordinary situations such as a serious disaster or a pandemic of a new strain of influenza. The also revised the manual for earthquakes in light of the lessons learnt from the Great East Japan Earthquake as well as the manual for new strains of influenza in response to the government's development of an action plan for new strains of influenza. 4) Activities as Authorized Personal Information Protection Organization The was accredited as an Authorized Personal Information Protection Organization by the Financial Services Agency under the Act on the Protection of Personal Information in April The developed the Personal Information Protection Guidelines and provides guidance or recommendations on complying with the guidelines to each member company, and also receives related complaints from customers and shares them with member companies. 19

22 3. Our Activities d) Sharing of Initiatives by Life Insurance Companies for the Elderly Due to the sharp increase of the elderly population in Japan, life insurance companies are required to improve their customer service giving consideration to the characteristics of the elderly. In this regard, the utilizes comments received at the Interactive Dialogue on Life Insurance, and shares information on specific best practices of member companies collected by the Secretariat of Consumers' Opinions. Furthermore, the released the report "Life Insurance Services in a Super Aged Society - Better Serving the Elderly" in June 2013 to support the initiatives by life insurance companies for ensuring customer services giving consideration to the characteristics of the elderly. The Report was compiled based on the aging of the population and the lessons learnt from experience after the Great East Japan Earthquake, as well as in accordance with the discussions on the "Improvement of financial services in the aging society" in the Public-Private Financial Roundtable. The Report clarifies the challenges for life insurance companies to better serve the elderly in each situation (for example, at the time of concluding contracts or the payment of insurance benefits), and shares initiatives by the life insurance companies giving consideration to the characteristics of the elderly. Key Points of the Report The clarified the challenges for life insurance companies in providing services to existing elderly policyholders and in the sale of insurance to the elderly, and shares the examples of initiatives by life insurance companies to improve their services to the elderly. In providing services to existing elderly policyholders, the Report compiled the initiatives by life insurance companies, clarifying challenges from the following three perspectives: risks to secure and prompt handling procedures for insurance contracts (procedural risks), prevention of procedural risks, and customer services with special attention to the elderly. In the sale of insurance to the elderly, the Report compiled the initiatives by life insurance companies, clarifying challenges from the following three perspectives: clear explanation during solicitation, adaptation to elderly customers living alone, and customer services with special attention to the elderly. Life insurance companies must make continuous efforts to serve the elderly better by sharing and utilizing the initiatives by the companies from the perspective stated above both in providing services to existing elderly policyholders and in the sale of insurance to the elderly. 20

23 3. Our Activities e) Measures for Promoting the Simplicity and Clarity of Solicitation Materials The is striving to improve the simplicity and clarity of solicitation materials as a whole industry, such as limiting the volume of information in order to prevent customers from losing motivation to understand the solicitation materials. The compiled and released "Measures for Promoting Simplicity and Clarity of Solicitation Materials", taking into account the comments of external experts and external consulting firms and the issues found in analyzing the solicitation materials of each member company in order to make solicitation materials simpler and easier to understand in line with the awareness of the "Working Group on the Provision of Insurance Products/Services" of the Financial System Council (see page 14). Each member company will take action to make their solicitation materials simpler and easier to understand for their customers by referring to the guidelines and the list of indicators, and the will follow up the progress of such action. Key Points of Measures for Promoting the Simplicity and Clarity of Solicitation Materials Development of basic policy for the Policy Overview and Warning Information Development of the list of indicators for customer-friendly solicitation materials (i.e. easy to view, read and understand) Review and clarification of items described in the Guidelines for Policy Overview and for Warning Information (i.e. revision of the voluntary guidelines) Establishment of intensive follow-up period (for about 3 years) to promote measures by each member company 21

24 3. Our Activities f) Measures against Earthquake Disasters 1) Measures by the Life Insurance Industry for Victims In the wake of the Great East Japan Earthquake, the life insurance industry has worked hard to complete the prompt payment of insurance benefits for all customers, with the fundamental policy of "taking actions giving utmost consideration to affected people to provide them peace of mind as soon as possible". In recognition of its valuable response to the Great East Japan Earthquake, the received the "2012 State Minister's commendation for contributors to consumer support" in May Provision of assistance to the victims for their livelihoods and peace of mind Inquiry system regarding insurance contracts/ Simple procedures for insurance claims Approach to ensure payment of insurance benefits Major Measures by the and Member Companies Donations Non-application of the earthquake exclusion clauses Extension of the grace period for premium payments Simple and prompt payment of insurance benefits Consultation at the Life Insurance Consultation Center Development of guidelines for the payment of insurance claims and benefits Establishment of the Center for Searching for Life Insurance Contracts in Disaster Areas Establishment of an industry-wide database Simple and prompt treatment regarding procedures for death notification for the missing Establishment of the Life Insurance Support Network for Orphaned Minors About the Center for Searching for Life Insurance Contracts in Disaster Areas Under this search system, all member companies investigate any relevant insurance contracts for people who have difficulties in claiming insurance benefits because they lost any evidence of the insurance contracts due to a disaster. Currently, the scope of this system has been expanded to any cases where people lost any evidence of insurance contracts in an area covered by the Disaster Relief Act because their home was either washed away or burned down in the wake of a typhoon, etc. 2) Sharing Measures against the Great East Japan Earthquake Over two years have passed since the Great East Japan Earthquake, and the has compiled details of the measures taken by member companies so far, and shared them among the companies in order to utilize the lessons learned for the operation of their life insurance business. In addition, the shared information on the revisions made by member companies to their Business Continuity Plans (BCP) and administrative procedures/services in response to the earthquake. The life insurance companies are striving to enhance their customer services by reflecting the shared information in their disaster contingency planning in ordinary situations and also their responses to future disasters. 22

25 3. Our Activities g) Activities for Clearly Disclosing Information 1) Basic Explanation about Life Insurance The posts basic life insurance information and knowledge on its website. The contents systematically cover various topics such as "What is life insurance?", "The mechanism of life insurance", "The mechanism for calculating insurance premiums and insurance dividends" and so on. 2) Quick Search for Life Insurance Products The operates a "Quick Search for Life Insurance Products" on its website so that customers can gather necessary information on the life insurance products of life insurers. This is linked to product descriptions of life insurers on their websites so that customers can find more details about the products. 3) Disclosure of Complaint Information To help make customers aware of how member companies address their complaints, the discloses information including the number and details of complaints as well as those of payment/non-payment for insurance claims on the 's and member companies' websites. 4) Setting of Standards for Disclosure The Insurance Business Act and other related laws stipulate detailed items to be disclosed by life insurers. The has also prepared a set of industry-wide "Standards for Disclosure" with additional items that it considers should be voluntarily added by member companies. The reviews these standards every year for possible improvement. In addition, it has prepared a guidebook on disclosure by life insurers to help customers understand, because the financial statements of life insurers vary significantly from those in other industries. 5) Publication of a Summary of Life Insurance Statistics The collects the statistics of the life insurance business of all life insurers monthly, quarterly, in the first half year, and annually, and publishes these on its website. In addition, the prepares and publishes "Life Insurance Fact Book" which summarizes the life insurers' key performance and the business results of the life insurance industry, and "Statistical Data Package of Life Insurance Market in Japan" which contains detailed statistical data of life insurers. h) Approach to Environmental Issues The has committed itself to the "Nippon Keidanren's Commitment to a Low Carbon Society" and developed "Action Guidelines for Environmental Issues" and "Life Insurance Industry's Commitment to a Low Carbon Society". Also, the conducts a "Follow-up Survey of Voluntary Action Plans on the Environment" every year and verifies member companies' actions concerning environmental issues. The life insurance industry has committed to reducing electricity consumption in headquarters buildings by 2% from the fiscal 2006 level (estimated to be about 17% from the fiscal 2000 level) on average for the period from fiscal 2008 to The has also set the target that electricity consumption per unit floor area should not exceed the level in fiscal In March 2013, the set the reduction target for the year 2020 of "reducing electricity consumption per unit floor area of buildings by an average of 1% per year compared to fiscal 2009", and is currently working toward the target. 23

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