As per a report from Bloomberg, Japan’s Financial Services Agency has issued business improvement orders on the core units of Tokio Marine Insurance, MS&AD Insurance, and Sompo Japan Insurance for “colluding to fix prices” in contracts with corporate clients.
Japan’s Finance Minister, Shunichi Suzuki, stated in a recent briefing it is “regrettable” that Sompo, Tokio Marine, and MS&AD had engaged in price-fixing, urging the firms to “take drastic measures” to prevent a recurrence.
