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Japan's FSA to discipline 10 life insurers-Nikkei

Tue Jul 1, 2008 5:39pm EDT

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NEW YORK, July 1 (Reuters) - Japan's financial regulator is expected to issue a business improvement order to Nippon Life Insurance Co and nine other life insurers, the Wednesday online edition of Japanese newspaper Nihon Keizai Shimbun reported.

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The Financial Services Agency is also expected to discipline Dai-ichi Mutual Life Insurance Co, Meiji Yasuda Life Insurance Co and Sumitomo Life Insurance Co as well as non-Japanese firms like Aflac (8686.T) (AFL.N) and Alico Japan, the newspaper reported.

The disciplinary actions involve an industrywide scandal over nonpayment of benefits which has been going on for several years, the paper said. The FSA has determined that voluntary measures taken so far have been inadequate to protect policyholders, the publication reported.

(Reporting by Christian Plumb; editing by Gunna Dickson)

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