Japan Institute of Life Insurance. Summary of Activities for Fiscal 2014

Transcription

1 Japan Institute of Life Insurance Summary of Activities for Fiscal 214 Japan Institute of Life Insurance

2 Top Message Chairman Tomonobu Yamashita President Katsuyasu Suzuki Japan Institute of Life Insurance understands the changes in consciousness of people accurately from a fair and neutral standpoint and has provided information with respect to life planning and life insurance. During 214, our Consumer Enlightenment and Information Dissemination Activities included regular engagements such as holding consumer life insurance study sessions and seminars for high school and college students, as well as development of our e-life Planning tool to support life planning by consumers and publicized this on our website. In Promoting the Study of Insurance, in addition to various research societies that we have managed, we started the new Financial and Insurance Literacy and Insurance Market Quality Research Society as well as worked towards actively fostering and support of young researchers through promotion of academic exchanges and research subsidies. For Studies and Surveys, we formulated a draft plan of the Countrywide Fact-Finding Survey on Life Insurance, our time series study that we will implement in 215. Centering on such various activities of Japan Institute of Life Insurance, we humbly present this Japan Institute of Life Insurance Summary of Activities for Fiscal 214. We sincerely hope that this Summary will help deepen the public s comprehension of our recent activities. Table of Contents Top Message 1 Overview of Operations Topics 3 4 Consumer Enlightenment and 5 12 Information Dissemination Activities Studies on Life Insurance Activity Reseach Activity Organization and a Brief History of Activities 17 Financial Statements 18 Member Companies Back Cover 1

3 Overview of Operations Purpose of Activities Enhance the stability of people s lives and contribute to the advancement of their prosperity by engaging in operations that focus on the sound development of the life insurance system Promote the mutual understanding of consumers and life insurers and provide accurate information Life Insurers Japan Institute of Life Insurance Consumer enlightenment and information dissemination activities, Studies on life insurance activity, Research activity Consumers Absorbing Opinions and Views The Institute engages in three types of public service, Consumer Education and Information Dissemination Activities, Studies on life insurance activity, and Research activity. 1. Consumer Enlightenment and Information Dissemination Activities P5 12 The Institute engages in various enlightenment and information dissemination activities regarding life insurance such as by holding study meetings, publishing pamphlets and maintaining a website all to ensure the proper leveraging of life insurance in the life plan of each individual consumer. Hold life insurance study sessions for consumers Provide information to consumer affairs specialists (holding study groups, etc.) Hold life insurance practical learning courses for high schoolers and college students Hold the Junior High School Essay Contest Distribute supplementary educational materials to schools Disseminate information online ( Publish literature (disseminate information using pamphlets) Provide consultations 2. Studies on Life Insurance Activity P13 14 The Institute manages various research societies and provides research grants, among other activities, to promote the study of life insurance. Manage life insurance society meetings comprised of scholars and experts Provide young research workers in life insurance and the related field with grants for research and studies Publish and post online academic works for scholars, researchers and experts 3. Research Activity P15 16 The Institute surveys the public s awareness with respect to life protection, the conditions of insured households or individual and other aspects of the industry every three years and disseminates the information collected. Surveys on life protection National survey on life insurance 2

4 214 Topics Presentation of e-life Planning Web Simulatin Tool March 215 We presented the e-life Planning simulation tool for support of consideration of life planning to correspond with life stages on our website. e-life Planning was independently developed based on our research report with respect to Current Issues Regarding Life Planning and Envisioning the Ideal Future of Life Insurance that we compiled in March 214. This is a support tool for considering dreams, targets and plans for realization thereof, accurate understanding of the current family budget status and assets, etc., and considering future risks and preparations therefor, at various life stages such as the timing of becoming a working adult, timing of thinking about marriage specifically, timing of starting childrearing immediately, etc. Image of screen indicating changes in house budget balance Image of screen indicating changes in necessary funds for living for bereaved family for the risk of death of main bread winner of the family budget 3

5 Establishment of Financial and Insurance Literacy and Insurance Market Quality Research Society Establishment period: December 214- December 216 For the purpose of understanding the actual status of financial and insurance literacy of consumers and financial and insurance education, and the actual status of efforts and issues of the insurance industry with respect thereto, and of studying various problems facing the insurance market based on the awareness of issues that the improvement of financial literacy will assist improvement of the quality of insurance markets, we established a research society with insurance academic society experts and industry experts. Chairman: Nobuyoshi Yamori, Professor, Kobe University Lecture by Prominent Foreign Insurance Researchers September 214 See P.14 The Institute invited prominent, foreign insurance researchers to give a lecture with the purpose of sharing information and socializing with insurance scholars and members of the life insurance industry.. In fiscal 214, Prof. Christian Armbrüster, Free University of Berlin, spoke at the venue. The Volume 18 of the Judicial Precedents on Life Insurance Published October 214 In addition to the entire text of all 121 judgments of 26 listed arranged by date, this publication contains a summary of all judgments presented as legal opinions. Editor: Prof. Tomonobu Yamashita, The University of Tokyo (at present, Doshisha University) Content provided is as follows: Titles, courts, judgment dates, legal opinions, case numbers, case names, judges conclusions, original judgments or appeals, publications, case research, judgment texts In addition, a Case Index is provided at the end to allow keyword searches of judgment texts published in Casebook Nos. 1 to 18 such as breach of disclosure obligation, unforeseen incidents, etc. B5 page size, 924 pages, 1, yen, including tax 4Japan Institute of Life Insurance

6 Consumer Enlightenment and Information Dissemination Activities Life Insurance meetings In response to demands from consumer affairs-related government agencies, government ministries and the private sector countrywide, the Institute delegates its staff to serve as instructors for lectures on how to cleverly leverage life insurance, life planning, pension and medical treatment, and other themes, free of charge. About 6% of total lectures are for general consumers, while those for private sector companies and government ministries and agencies represent about 4%. In 214, 154 sessions were held with 5,54 attendees total. Orders Tel. URL At life insurance meetings, we distribute Your Guide to Purchasing Life Insurance and Your Guide to Requesting and Receiving Insurance Benefits booklets in hopes of furthering people s understanding of life insurance. Your Guide to Purchasing Life Insurance and Your Guide to Requesting and Receiving Insurance Benefits are available for download online on our website. Number of life insurance study meetings held by type and number of attendees Participants 7, ,15 5,54 6,857 7 Times , Central Council for Financial Services Infomation -related study meetings meetings sponsored by government ministries and the private sector General Study meetings 5, Number of attendees

7 Partnerships and Exchanges with Consumer Groups Provide information to consumer affairs specialists Study meetings held for consumer affairs specialists 1 Consumer affairs specialists study meetings The Institute delegates staff to serve as instructors for study meetings held independently by consumer affairs specialists who provide consultations at the reception areas of consumer affairs-related government agencies across Japan as well as consultants and advisors on financial and economic matters free of charge. The themes of these study meeting, which are set up flexibly by the sponsor, cover basic knowledge all the way to highly specialized information for use in consultations. Depending on the theme, our The Consultation Manual on Life Insurance is used as study material. In 214, 22 sessions were held with 491 attendees total. 2 Regional lectural courses for consumer affairs specialists In hopes of increasing the number of opportunities for providing information to counselors and other such professionals, the Institute partners with the Public Interest Incorporated Association Japan Association of Consumer Affairs Specialists, the General Incorporated Foundation Japan Consumers Association and the Public Interest Incorporated Association Nippon Association of Consumer Specialists, separately, to hold Regional Lectures. In 214, 17 sessions were held with 41 attendees total. 3 Life planning courses In association with the General Incorporated Foundation Japan Consumers Association, the Institute has held annual lectures for consumer life consultants since 1983 to disseminate information on life insurance and provide valuable information for consultations. In 214, 4 sessions were held with 48 attendees total. * Consumer life consultants are individuals who have passed the General Incorporated Foundation Consumer Life Consultant Training Course held by the Japan Consumers Association. Intercommunication with Consumer Related Organizations In partnership with the General Incorporated Association Life Insurance Association of Japan, the Institute holds Life Insurance Opinion Exchange Meetings (54 areas in Japan) attended by individuals from consumer affairs-related government agencies and consumer affairs specialists to promote information sharing and strengthen relations. We also exchange information on each other s activities at life insurance lectures and counselor study sessions where our staffers serve as instructors requested by regional consumer life centers throughout Japan. Partnerships with the Japan Academy of Consumer Education The Institute bestows the Japan Institute of Life Insurance Award to remarkable consumer education research endeavors based on recommendations by the Japan Academy of Consumer Education to contribute to the advancement of consumer education. 214 Award Winners: Ms. Makiko Hashinaga, full-time lecturer, Nagaoka University Number of times study meeting involving consumer affairs specialists held and number of participants Participants Times 58 1, , 5 1,18 Number of times held 1, ,4 214 * Note: The number of sessions and attendees includes those not classified in 1) to 3) Number of participants 6Japan Institute of Life Insurance

8 Consumer Enlightenment and Information Dissemination Activities School and Educational Activities Life Insurance Practical Learning Course With the goal of providing opportunities for university, junior college, vocational school and high school students to learn basic knowledge on life planning and life insurance, our staffers conduct lectures with the cooperation of teachers utilizing some of their classroom time. The Institute added more lectures held at high schools significantly increasing the frequency. In 214, 436 lectures were held with 26,489 attendees in total at 73 universities, 5 junior colleges, 36 vocational schools, 6 high schools and 4 junior high schools. Themes Life and risk management Life planning and life insurance Life insurance of private protection plan Host Educational Institutions Universities: Sapporo University, Teikyo University, Japan Women s University, Meiji University, Aichi Gakuin University, Kagawa University, Fukuoka University, Ryukyu University Junior colleges: Tokyo Kasei University Junior College, Jin-ai Women s College, Koran Women s Junior College High schools: Chiba Prefectural Hakuryo High School, Kyoto Prefectural Rakuhoku High School Number of times life insurance practical learning course held and number of participants People Times 436 3, 45 25, , 35 15, 3 1, 5, 21, , , Number of participants Number of times held Comments from Attendees Partial excerpts I was able to obtain a great deal of knowledge to consider life planning. I learned methods for preparing for risks such as public protection and personal protection. I think I will seriously think about the protection that I need, as each person s living environment is different. High School Activities High School Teacher Summer Seminar The Institute holds seminars each summer to teach high school home economics teachers about life protection to deepen their comprehension of the role of insurance in life planning and utilize that knowledge in the classroom. * The content of the summer seminar is available online in our web magazine From the Classroom. In 214, seminars were held in Tokyo, Nagoya, Osaka and Fukuoka each, with 146 attenders total. Lecturer Delegates to Teacher Study meeting The Institute delegates its staff free of charge to serve as lecturers to Study meeting for high school home economics teachers held at the prefectural or block level. In 214, we dispatched lecturers 1 occasions with 156 attendees total. 7

9 Junior High School Essay Contest The Institute has held an essay contest every year since 1963 under the theme Life Insurance and Our Lives with the cooperation of the General Incorporated Association Life Insurance Association of Japan and sponsored by the Ministry of Education, Ministry of Finance and the Japan Association of Junior High School Principals with the objective of providing opportunities to students to ponder on the role and significance of the life insurance system and contribute to the progression of moral education through essays. 214 was the 52nd Contest. Continuing from the previous year, this time as well we received over 3, participants, and the total number of submissions since the 1st Contest was over 87,. The 52nd Incentive Award of the Minister of Education, Culture, Sports, Science and Technology Ms. Ikuko Okiyama of Fuchu Municipal Fuchu Junior High School, 2nd Grade After Leaning about Life Insurance 35, 3, 25, Junior High School Essay Contest Essays submission status School 1,116 1,141 2, 27,538 3,71 15, Number of submitting school 1,51 1,2 1,1 1, 9 3, Number of submissions 214 winners of national prizes honorifics omitted Incentive Award of the Minister of Education, Culture, Sports, Science and Technology Yuko Okiyama Hiroshima Pref. Fuchu Municipal Fuchu Junior High School, 2nd Grade All Japan Junior High School Principal s Association Award Minami Noguchi Miyagi Pref. Sendai Municipal Sendai Junior High School, 3rd Grade Kyoka Nagahama Osaka Pref. Ibaraki Municipal Shinonome Junior High School, 3rd Grade Japan Institute of Life Insurance Award Nozomi Mikawauchi Tokyo Pref. Tokyo Municipal Ryogoku High School Attached Junior High School, 3rd Grade Aoi Harada Kanagawa Pref. Kamakura Municipal Tamanawa Junior High School, 3rd Grade Moe Sasaki Kanagawa Pref. Yokohama Municipal Oimatsu Junior High School, 2nd Grade Ryosuke Nishimura Kyoto Pref. Kyoto Municipal Kamogawa Junior High School, 3rd Grade Urara Tamada Hyogo Pref. Akashi Municipal Okubo Kita Junior High School, 3rd Grade The Incentive Award of the Minister of Education, Culture, Sports, Science and Technology-winning works can be viewed on our website. Supplementary educational materials for schools We produce supplementary educational materials for students (junior high school and high school) and provide these materials free of charge to schools that request them. What is Life Insurance? 214 3,283 copies provided Living and Risk Management ,66 copies provided * Used as a text for life insurance practical learning course. A New Home Economics Lesson Plans (for the teachers) 214, 1,197 CD-ROM copies were distributed. * The educational materials data can be downloaded from our website A Lively Tomorrow ,67 copies provided A History of Cooperation 214 7,2 copies provided 8Japan Institute of Life Insurance

10 Consumer Enlightenment and Information Dissemination Activities Website Online Information Dissemination The Institute improves and updates the content appearing on its website on an annual basis to boost online information dissemination efforts. The main contents of the revision are as follows: Results of our National Survey on Life Insurance were posted and a portion of the Junior High School Essay contest video was uploaded We uploaded content on our website entitled Learning for Each Generation geared towards enhancing consumer enlightenment and information dissemination for all generations from children to seniors, as well as our 213 Survey on Life Protection. We uploaded the e-life Planning simulation tool, which we developed for improving life planning awareness and support of life planning to correspond to the life stage of the consumer. Top 5 Website Access Purposes 1. Introducing publications 2. Junior High School Essay Contest 3. National Survay on life Insurance 4. Your Guide to Requesting and Receiving Insurance Benefits 5. Survey on life protection Website Access Count Approx. 2,18 million hits Approx million hits Approx million hits The number of visits to our website increased by about 78, over the previous fiscal year for a total of about 3,17, Ten thousands WEB Magazines The Institute publishes two WEB magazines, Essei, which provides information on life insurance and lifestyle presented by university researchers, tax accountants and newspaper reporters, and From the Classroom, a compilation of actual cases used to teach life planning and finance to junior high and high schoolers by instructors (total of 12 issues per year). Mail Magazine In order to ensure the timely and appropriate provision of information to general consumers, consumer affairs-related government agents, school faculty and publication subscribers, the Institute publishes 2 to 3 issues of its mail magazine per month (total of 27 per year) providing information on life insurance, revisions to the public protection system, information on life planning, etc. along with 1 issues of our temporary mail magazine. The number of people registered on our mail magazine has increased by about 1, compared to the end of previous fiscal year. To register, click on the Register to Receive the Mail Magazine As of end of 214, there were 26,42 people registered. on the website. e-life Planning ( We publicized e-life Planning, where consumers can easily, create life plans at their own current life stages by inputting basic information such as the birth date as well as specific income and expenditure items in order to improve life planning awareness and support life planning to correspond to the life stages of the consumers (see page 3). 9

11 Publishing The Institute publishes 8 different pamphlets that provide the latest and most appropriate information regarding life planning, life insurance, pension funds, etc. We distribute about 68, copies* annually to the public. * Including The ABCs of Insurance for Beginners Our website s Pamphlet Browsing Corner features the entire content of The Basics of Insurance and the Next of Kin Protection Guide, and its Introduction of publications for consumers (booklet) shows the pamphlets table of contents and features. Pamphlet Browsing Corner Introduction of publications for consumers (booklet) The Basics of Insurance Illustrated Life Insurance Guidebook Revised June 213 This is a clearly written pamphlet that explains how life insurance works and how to effectively utilize it. In 214, 42,552 copies were distributed. B5 paper size, 64 pages, 1 yen consumption tax included; same below The ABCs of Insurance for Beginners Illustrated Life Insurance Guidebook Revised October 213 This pamphlet provides all the information necessary for young people considering protection and life insurance in a compact format based on The Basics of Insurance. It is passed out free of charge at annual coming-of-age ceremonies and specialized high school graduation ceremonies. In 214, 278,857 copies were distributed. A5 paper size, 2 pages Life Plan Information Book Calculate Your Life Plan Revised December 214 This compilation of data clearly explains the basic concepts, hints and reference materials necessary to build a life plan. In 214, 22,51 copies were distributed. B5 paper size, 56 pages, 2 yen All the Knowledge You Need on Life Insurance and Taxes Revised February 215 This pamphlet contains matters you should know regarding the taxes on life insurance. Specific examples are used to clearly explain the types of taxes involved and their calculation methods. In 214, 79,731 copies were distributed. B5 paper size, 48 pages, 1 yen Survivor Protection Guide Life insurance in the event of the death Revised January 215 This pamphlet describes how to utilize government provided and corporate protection, such as a survivor pension, as well as personal life insurance, in the event of the death. In 214, 45,48 copies were distributed. B5 paper size, 52 pages, 2 yen 1Japan Institute of Life Insurance

12 Consumer Enlightenment and Information Dissemination Activities Health Protection Guide How to Utilize Life Insurance that Covers Illnesses and Injuries Revised October 214 This pamphlet explains mechanism of deductibles in the event of illness or injury that resulted in hospitalization or an operation and how to utilize life insurance to provide for it. In 214, 56,129 copies were distributed. B5 paper size, 48 pages, 2 yen Pension Guide Pension A to Z At a Glance Revised July 214 This pamphlet clearly explains the ins and outs of the public pension system and personal pension plans. In 214, 96, copies were distributed. B5 paper size, 72 pages, 1 yen Nursing Care Protection Guide Prepare for Potential Future Nursing Care Risks Revised August 214 This pamphlet clearly explains the public nursing care insurance system and nursing care insurance offered by life insurers. In 214, 5,582 copies were distributed. B5 paper size, 48 pages, 2 yen Go Retirement! Considering Second Life while in your forties and fifties Revised April 215 This pamphlet, written primarily for public employees and company employees over 4, clearly explains how to formulate a life plan and utilize life insurance, focusing on life after mandatory retirement age. In 214, 12,36 copies were distributed. B5 paper size, 6 pages, 2 yen Orders Pamphlets may be ordered online, by facsimile or by post. Postage fees separate. Online Fax Post The Japan Institute of Life Insurance, Publication Section 5F, Ichigo Nishi-Gotanda Building. (GLG) 6-2 Nishi-Gotanda 3-chome, Shinagawa-ku, Tokyo, Japan Also available at the following bookstores (some locations). Amazon, Kinokuniya, Sanseido, Junkudo, Maruzen, Yaesu Book Center, Yurindo 11

13 Consultation The Institute provides information and advice from an official and neutral standpoint in response to requests for consultation regarding life insurance from consumers. About half of them concern the system, taxes and conservation of life insurance. Consultations are tabulated and analyzed and results are presented in our Life Insurance Consultation Report issued twice annually with a midterm edition and year-end edition. * The Life Insurance Consultation Report is available on our website for download. Examples of questions we receive from consumers Will death benefits in which the policyholder and the insured are the same person and the recipient is the inheritor be non-taxable? I took out an insurance contract at the counter at an insurance company. Is it possible to do cooling-off? I did not declare that I have been suffering from an autonomic imbalance. I have been carrying this insurance for more than 2 years, but may I get benefits paid? I do not understand the details of the protection of the insurance contract that I took out now so I would like to have an explanation. Breakdown of contents of consultations 212 A B C D E F G H 1,7 53.7% ,947 A Consultations concerning life insurance system, taxation, and conservation B Consultations concerning life insurance purchase consideration % ,667 C Consultations concerning diagnosis and confirmation of contents of current policies D Consultations concerning reviews of current policies E Consultations concerning policy terms % ,881 F Consultations concerning the social security system G Other (consultations, inquiries) 5 1, 1,5 2, 2,5 *Percentages represent portions excluding general consultation Consultations may be conducted at the following: Consultation by telephone or visit is accepted Direct Line Business Hours :3am to 4:pm Number of consultations H Consultations concerning the management of life insurance companies Product pamphlets from life insurers, information on policies (articles, provisions) and disclosure material, among other information, are available. 12Japan Institute of Life Insurance

14 Studies on Life Insurance Activity Society meeting Society meeting involved with the study of insurance with members including academics, lawyers, and life insurance industry practitioners are operated. Case Study Society Meeting <Tokyo, Osaka> Study the latest cases concerning insurance in general with a focus on life insurance. Examples of research themes: Whether or Not Suffocation by Vomiting can be considered as Accident at Clinic Recognition of Gross Error in Violation of Duty of Disclosure Held nine times every year in both Tokyo and Osaka Life Insurance and Financial Law Society Meeting <Osaka> Studies all aspects of financial law in relation to life insurance. Examples of research themes: Obligation of Provision of Information under the Insurance Business Act, Incorporation of Policy and Insurance Contact Agreement Details In 214, held five times. Life Insurance Related Business Law Society Meeting <Tokyo> Studies financial-related law with a focus on life insurance. Examples of research themes: Handling and Issues involving Tax Fields for Number System in Life Insurance Business In 214, held six times. Basic Judicial Precedents on Life Insurance Society Meeting <Tokyo> Aims to foster the abilities of the mid-level staff of the claim examination and policy assessment divisions of life insurance company to understand basic insurance cases and interpret life insurance policy clauses in an aim to improve examination and assessment abilities. In 214, held eight times. One series consisting of sixteen times over two years Life Insurance Accounting Society Meeting <Tokyo> Studies life insurance accounting and accounting in general while giving consideration to discussions by the International Accounting Standards Board (IASB). Examples of research themes: On Status of Deliberations in IFRS Insurance Accounting In 214, held four times. Society Meeting on Life Protection Systems and Life Insurance Industry <Tokyo> July 212 to October 214 Surveys the historical development of social security and corporate security as well as modern problems and studies currently being conducted while examining the role expected of the life insurance system in response to lower fertility and an aging society. Examples of research themes: Life Protection Argument Framework and Paradigm Shift In 214, held three times. Financial and Insurance Literacy and Insurance Market Quality Research Societies <Tokyo> December 214 December 216 Understand the current status of financial and insurance literacy of Japanese consumers and financial and insurance education, and the current status and issues of efforts by the insurance business industry regarding this, research will be conducted on various problems the Japanese insurance market faces, with awareness of the fact that improvement of financial literacy will contribute to improvement of the quality of the insurance market. Example of research themes Necessity of Financial and Economic Education- basic viewpoints- In 214, held two times. Insurance Theory Seminars and Insurance Theory Seminar Social Meetings <Tokyo, Osaka> Insurance Theory Seminars are operated as forums for university researchers to announce and debate research, while Insurance Theory Seminar Social Meetings are operated as forums for providing university researchers information on the life insurance industry. Examples of research themes: On Legal Positioning of Principle of Balance between Performance and Counter- Performance Moral Hazard Valuation (Insurance Theory Seminars) Report on Insurance Business Act Revision Bills based on Financial System Council Report Handling of Aging Society in Life Insurance Business Industry (Insurance Theory Seminar Social Meetings) 13 In both Tokyo and Osaka, one Insurance Theory Seminar and one Insurance Theory Seminar Social Meetings were held in April, May, July and December, and two Insurance Theory Seminars were held in September and January (held on same day).

15 Lecture by Invited Foreign Insurance Researchers The Institute invited two prominent, foreign insurance researchers to give a lecture for the purpose of sharing information and socializing with insurance scholars and members of the life insurance industry. For 214, the following was held in September. Theme: Latest Trends of Life Insurance in Germany Lecturer: Prof. Christian Armbrüster (Professor, Free University of Berlin) Public Lecture The Institute held a lecture for the purpose of sharing information on trends and other aspects of life insurance and related fields targeting members of the life insurance industry and other general consumers. For 214, the following was held in March. Theme: Outlines on Revision of Civil Code (related to claims) and Impact on Insurance Practices Lecturer: Prof. Keizo Yamamoto (Graduate School of Law, Faculty of Law, Kyoto University) Research grants We supply grants for the purpose of supporting studies by young researchers on life insurance and related fields. 212: 9 researchers 213: 8 researchers 214: 12 researchers Awards were presented to the following researchers that received grants during 212 and released their resulting papers during 213. Excellent Thesis Award Jin Rong (Associate Professor, Faculty of Commerce, Kurume University) Research Topic: Consideration of Impact of Deregulation on Life Insurance Business Hajime Miyake (Associate Professor, Graduate School of Law, Hokkaido University) Research Topic: Contract Law Aspects of Articles of Incorporation of the Mutual Insurance Company Research Encouragement Award Masaharu Matsuda (The Graduate School of Law, Doctoral Program, Kansai University) Research Topic: Argument for Expansion of Intentional Acts on Invitation of Insured Events in the Insurance Law of France Publishing activities The Collection of Theses on Life Insurance, Case Study Society Meeting Report The Collection of Theses on Life Insurance: This collection of theses concerning life insurance overall with a focus on life insurance has been issued for the purpose of contributing to the development of insurance studies. Issued four times a year in June, September, December, and March (6, yen a year, including tax and postage) Case Study Society Meeting Report: The results of research by the Case Study Society Meeting are issued as a report. In 214, 9 reports were published. (6, yen per year, including tax and postage) Issues in the Collection of Theses on Life Insurance, Case Study Society Meeting Reports released during 213 were posted on our website in October 214. Japan Institute of Life Insurance The Collection of Judicial Precedents on Life Insurance The Collection of Judicial Precedents on Life Insurance is issued for the purpose of contributing to research of life insurance law and actual practice and compliance at life insurance companies. Collection of Life Insurance Cases Volume 18 published in October 214 (Contains 121 case studies from 26, B5 paper size, 1 volume: 924 pages, 1, yen, including tax) Please make applications for these publications by the method stated under Internet, Fax, and Post on page 11. Web Version of Life Insurance English / Japanese and Japanese / English Glossary We conducted maintenance (addition and revision of words) and added 16 words to the web version of the Life Insurance English/Japanese and Japanese/English Glossary posted on our website. 14

16 Research Activity Survey on Life Protection (13th) This survey has been conducted every three years since 1987 for the purpose of understanding the consciousness of consumers on life protection and the actual conditions of life protection preparation accompanying changes in the social environment. The results for the survey conducted during 213 are as follows. Summary of survey design A4 size, 318 pages, 3, yen including tax (1) Survey area: Nationwide (4 locations) (2) Survey target: Men and women age 18 to 69 (3) Number of responses: 4,43 (4) Sampling method: Two-level stratified random sampling (5) Survey method: Interview survey (partial retention) (6) Survey period: April 13 to June 1, 213 Appearing in newspapers, etc. The Chunichi Shimbun (December 19, 213), The Nikkei (December 22, 213) NHK (December 22, 213), The Sankei Shimbun (December 27, 213), and more Main survey findings * See our website for details. ( Percentage of respondents concerned about medical treatment and nursing care reached the 9% level According to the percentage of people concerned about the four areas of protection, medical treatment, old age, death and nursing care, 9.5% selected concerned about injury and disease, the highest percentage, followed by concerned about own nursing care (9.%), concerned about old age standard of living (86.%) and concerned about the standard of living of family members after death (68.%). Although percentages are increasing overall for each area of protection, in this survey, the percentage of respondents concerned about medical treatment and nursing care reached the 9% level. Level of Concern per Area of Protection (Percentage of Concerned Respondents) % concerned about injury and disease concerned about old age standard of living concerned about the standard of living of family members after death concerned about own nursing care feel strong anxiety feel anxiety feel a little anxiety Over 7% of respondents stated that their standard of living protection preparations are insufficient with respect to old age and nursing care protection. A high 7% of respondents stated that they require personal preparation even if lowering standard of living. 354, per month in living expenses for a carefree old age. 28, per day in the recent household budget for hospitalization. 15

17 A4 size, 26 pages, 3, yen including tax Main survey findings National Survey on Life Insurance (17th) We have conducted a survey every three years since 1965 focused on the state of life insurance enrollment for the purpose of gaining an understanding of ways for thinking towards life insurance and life protection over a time series. The results for the survey conducted during 212 are as follows. Summary of survey design (1) Survey area: Nationwide (436 locations) (2) Survey target: General households composed of at least two members (3) Number of responses: 4,63 (4) Sampling method: Two-level stratified random sampling (5) Survey method: Retention method (visiting retention, visiting collection method) (6) Survey period: April 5, 212 to May 2, 212 * See our website for details. ( The household buying rates (including personal pension plan) for life insurance is 9.5%. The household buying rates (including personal pension plan) for all life insurance companies is 9.5% (compared to 9.3% in the previous survey). By institution, private sector insurance was 78.4% (compared to 76.2% previously), post office life insurance was 21.5% (compared to 3.9% previously), JA was 11.9% (compared to 11.8% previously), and Co-op and National Federation of Workers and Consumers Insurance Cooperative insurance was 28.5% (compared to 28.8% previously). Private sector insurance has increase by 2.2 points over the previous survey. Household buying rates (including personal pension plan) for life insurance % All life insurance Appearing in newspapers, etc. Mainichi Shimbun (September 2, 212), The Hokkoku Shimbun (September 2, 212) The Kyoto Shimbun (September 2, 212), Jomo Shimbun (October 2, 212), and more Private sector life insurance Postal life insurance * All life insurance is the total of private sector life insurance (including Japan Post Life), postal life insurance, JA, and Co-op and National Federation of Workers and Consumers Insurance Cooperative insurance The most frequently used purchase channel for the most recently purchased private sector insurance policy (excluding Japan Post Life) was Agent of a life insurance company at 68.2%. The most frequently used purchase channel for the most recently purchased private sector insurance policy (excluding Japan Post Life) was Agent of a life insurance company at 68.2% (compared to 68.1% previously), followed by mail order sales at 8.8% (compared to 8.7% previously), and Sales desk or sales employees of an insurance agency at 6.9% (compared to 6.4% previously). Compare to the previous survey, Over the Internet and Through a bank have both increased by 1.6 points. JA Co-op and National Federation of Workers and Consumers Insurance Cooperative insurance Japan Institute of Life Insurance Purchase channel for the most recently purchased policy (private sector life insurance) % Agent of a life insurance company Mail order sales Over the Internet Through the television, newspaper, magazine, etc. Sales desk or sales employees of an insurance agency Through a bank or securities company Through a bank Sales desk or sales employees of a securities company Through workplace, labor union, etc. Sales desk of a life insurance company Sales desk or sales employees of the post office *Target consists of the most recently purchased private sector insurance policy excluding Japan Post Life The level of satisfaction towards the most frequently used purchase channel for the most recently purchased private sector insurance policy (excluding Japan Post Life) was Satisfied at 88.3% (compared to 83.9% previously) and Dissatisfied was 1.7% (compared to 13.7% previously). Please make applications for the survey reports by the method stated under Internet, Fax, and Post on page

18 Organization and a Brief History of Activities Councilors As of July 2, 215 (honorifics omitted) Chairman Tomonobu Yamashita Professor, Doshisha University Councilor Noriyuki Ogi Professor Emeritus, Nagoya Keizai University Councilor Mitsuko Kagami Attorney-at-Law, Kagami Law Office Councilor Hatoko Shimizu Director, Housewives' Hall Consultant, Japan Housewives Association Councilor Hiroshi Takahashi Trustee, Economic Club Councilor Shuzo Nishimura Professor Emeritus, Kyoto University Councilor Kazuyoshi Hotta Professor, Keio University Councilor Yasushi Morimiya Professor Emeritus, Meiji University Councilor Masami Ishii President and CEO, JAPAN POST INSURANCE Co., Ltd. Councilor Yoshinobu Tsutsui President, Nippon Life Insurance Co. Councilor Akio Negishi Representative Executive Officer, President, Meiji Yasuda Life Insurance Company Councilor Masahiro Hashimoto Representative Executive Officer, President, Sumitomo Life Insurance Co. Councilor Koichiro Watanabe Representative Director, President, THE DAI-ICHI LIFE INSURANCE COMPANY, LIMITED Trustees As of July 2, 215 (honorifics omitted) Organization Chart Planning and Administration Division Board of Councilors Chairman of the Board Board of Trustees President Executive Secretary Information and Education Division President Katsuyasu Suzuki (Full-Time) Trustee Kyoko Uemura (Part-Time) Professor, Tokyo Kasei Gakuin University Trustee Junko Shigekawa (Part-Time) Professor, Saitama University Trustee Yuri Suzuki (Part-Time) Attorney, foreign law joint business, Atsumi Sakai Law Office Trustee Takao Nishimura (Part-Time) Professor, Yokohama National University Trustee Takeshi Miyatake (Part-Time) President, Japanese Society for the Promotion of Rehabilitation Trustee Tsutomu Muramoto (Part-Time) Professor, Seijo University Trustee Nobuyoshi Yamori (Part-Time) Professor, Research Institute for Economics & Business Administration, Kobe University Trustee Takau Yoneyama (Part-Time) Professor, Hitotsubashi University Graduate School Trustee Masao Aratani (Part-Time) Managing Executive Officer, Meiji Yasuda Life Insurance Company Trustee Takahiro Onishi (Part-Time) Executive Managing Officer, The Gibraltar Life Insurance Co., Ltd. Trustee Takashi Kawashima (Part-Time) Director,Senior Managing Executive Officer, THE DAI-ICHI LIFE INSURANCE COMPANY, LIMITED Trustee Hisato Kogawa (Part-Time) Executive Officer, Managing Director, Sumitomo Life Insurance Co. Trustee Kazuhiro Kojima (Part-Time) Representative Director and Senior Executive Officer, Nippon Life Insurance Co. Trustee Masamitsu Shimaoka (Part-Time) Representative Director, Executive Officer, Vice President, Sony Life Insurance Co., Ltd. Trustee Tetsuya Senda (Part-Time) Senior Executive Director, JAPAN POST INSURANCE Co., Ltd. Trustee Takayuki Hioki (Part-Time) Compliance HQ General Manager, MetLife Insurance K.K. Trustee Isao Nagaoka (Full-Time) Trustee, Executive Secretary, Japan Institute of Life Insurance Auditor Yasuo Uchiyama (Part-Time) Partner of Certified Public Tax Accountants Corporation, Nishimura & Associates Accountants Auditor Mitsuhiro Nagata (Part-Time) Director, Managing Executive Officer, Daido Life Insurance Co. Auditor Toshiya Yoshimura (Part-Time) Director, Managing Executive Officer, Mitsui Life Insurance Company, Limited. Auditor Insurance Study Division A Brief History of Activities Main Activities Augusut September November November January July September November November March Issued overall revision of the Nursing Care Protection Guide Released preliminary version of National Survey on Life Insurance Held 5th award ceremony for the Junior High School Essay Contest Issued The Volume 16 of the Judicial Precedents on Life Insurance Issued the research report The Supervision and Regulation for International Insurance Groups Issued revised edition of "Life Insurance Consultation Manual" Released preliminary version of "Survey on Life Protection" Issued The Volume 17 of the Judicial Precedents on Life Insurance Held a lecture featuring invited foreign, prominent insurance researchers Issued the research report "Current Issues Regarding Life Planning and Envisioning the Ideal Future of Life Insurance" 214 September October March Held a lecture featuring invited foreign, prominent insurance researchers Issued The Volume 18 of the Judicial Precedents on Life Insurance Developed and uploaded at website the new life planning tool (e-life Planning) 17

19 Financial statements Balance sheet As of March 31, 215 (Unit: yen) Account item Current fiscal year Previous fiscal year Change I. Assets 1. Current asset 2. Noncurrent assets 1) Basic fund 2) Specific assets 3) Other noncurrent assets Total noncurrent assets Total assets 84,57,286 57,711,41 26,347,88 42,82,95 81,142, ,199,454 74,23,92 57,711,41 243,721,17 39,35,622 79,468,22 864,672,14 9,853,384 16,626,638 3,47,328 19,673,966 29,527,35 II. Liabilities 1. Current liabilities 2. Noncurrent liabilities Total liabilities 25,563,343 31,715, ,278,89 23,87,35 275,65, ,935,91 1,693,38 26,649,951 28,342,989 III. Net assets 1. Specific net assets 2. General net assets Total net assets Total liabilities and net assets 57,711,41 59,29, ,92, ,199,454 57,711,41 58,24, ,736,23 864,672,14 1,184,361 1,184,361 29,527,35 Statement of changes in net assets April 1, 214 to March 31, 215 Account item I. Changes in general net assets 1. Changes in ordinary income (1) Ordinary income A. Membership fees received B. Business income C. Other Total ordinary income (2) Operating expenses A. Business expenses B. Management expenses Total operating expenses Changes in ordinary income during the fiscal year 2. Changes in non-recurring income (1) Non-recurring income (2) Non-recurring expenses Changes in non-recurring income during the fiscal year Changes in general net assets during the fiscal year Balance of general net assets at the beginning of the year Balance of general net assets at the end of the year Current fiscal year 442,662, 49,689,714 25,363, ,715,45 436,891,25 78,82,4 515,711,65 2,3,44 819,79 819,79 1,184,361 58,24,793 59,29,154 Previous fiscal year 461,59, 51,687,794 22,833, ,111,537 45,667,846 13,913, ,581,728 18,47,191 18,47,191 76,494,984 58,24,793 (Unit: yen) Change 18,928, 1,998,8 2,529,588 18,396,492 13,776,641 25,93,482 38,87,123 2,473, ,79 819,79 19,654,552 18,47,191 1,184,361 II. Changes in specific net assets 1. Specific net assets Changes in specific net assets during the fiscal year Balance of specific net assets at the beginning of the year Balance of specific net assets at the end of the year 57,711,41 57,711,41 2,9, 54,811,41 57,711,41 2,9, 2,9, III. Balance of net assets at the end of the year 566,92, ,736,23 1,184,361 18

20 Member Companies As of July 1, 215 in alphabetical order AEGON Sony Life Insurance Co., Ltd. AIG Fuji Life Insurance Company, Limited American Family Life Assurance Company of Columbus Asahi Mutual Life Insurance Co. AXA Life Insurance Co., Ltd. AXA Direct Life Insurance Company Limited CARDIF Assurance Vie Crédit Agricole Life Insurance Company Japan Ltd. Daido Life Insurance Co. Fukoku Mutual Life Insurance Co. Fukokushinrai Life Insurance Co., Ltd. JAPAN POST INSURANCE Co., Ltd. LIFENET INSURANCE COMPANY Manulife Life Insurance Company MassMutual Life Insurance Company Medicare Life Insurance Co., Ltd. Meiji Yasuda Life Insurance Company MetLife Insurance K.K. Midori Life Insurance Company Mitsui Life Insurance Company Limited Mitsui Sumitomo Aioi Life Insurance Co., Limited Mitsui Sumitomo Primary Life Insurance Co., Ltd. Nippon Life Insurance Co. NN Life Insurance Co., Ltd. ORIX Life Insurance Corporation Rakuten Life Insurance Co., Ltd. SBI Life Insurance Co., Ltd. Sompo Japan Nipponkoa Himawari Life Insurance, Inc. Sony Life Insurance Co., Ltd. Sumitomo Life Insurance Co. THE DAI-ICHI LIFE INSURANCE COMPANY, LIMITED The Dai-ichi Frontier Life Insurance Co., Ltd. The Gibraltar Life Insurance Co., Ltd. The Neo First Life Insurance Company, Limited. The Prudential Life Insurance Co., Ltd. The Prudential Gibraltar Financial Life Insurance Co., Ltd. Taiyo Life Insurance Company Tokio Marine & Nichido Life Insurance Co., Ltd. T&D FINANCIAL LIFE INSURANCE COMPANY Zurich Life Insurance Company Ltd. Japan Institute of Life Insurance 3F, Shin-Kokusai Build., 4-1 Marunouchi 3-chome, Chiyoda-ku, Tokyo 1 5 Tel.: Reception Fax.: