December 27, 2019 / 3:17 AM / 22 days ago

Japanese watchdog orders Japan Post units to suspend insurance sales for 3 months -NHK

TOKYO, Dec 27 (Reuters) - Japan’s financial regulator on Friday ordered two units of Japan Post Holdings Co Ltd to suspend new sales of insurance products for three months, after they were found to have improperly sold thousands of policies, public broadcaster NHK reported.

Japan Post Insurance Co Ltd, Japan Post and parent Japan Post Holdings said this month the number of improper sales cases had reached 12,836, of which 670 involved violations of the law or internal rules.

The Financial Services Agency (FSA) also issued a business improvement order to the three companies, NHK reported.

An official at the Financial Services Agency said it had not made any announcement. (Reporting by Takashi Umekawa Editing by Chang-Ran Kim)

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