In September 2015 the government published a policy encouraging financial institutions to act in good faith on behalf of customers and calling for financial institutions – such as banks selling investment trusts or savings insurance on behalf of insurers – to be more transparent in disclosing their sales commission. The Association of Life Insurance Companies recently published non-binding basic principles for such disclosures.
Due to the ongoing global development and implementation of autonomous driving technologies, issues pertaining to damages liability in accidents and the institutional approaches to protect victims are of considerable importance. In light of this, the General Insurance Association of Japan recently released its Legal Issues on Autonomous Driving report concerning damages liability in accidents involving autonomous automobiles.
A recent amendment to the Insurance Business Act will have a significant impact on the sale and solicitation of insurance. Knowledge of the amendment – which imposes new obligations on insurance agents and brokers to provide information to prospective customers, discover prospective customers' intentions and establish appropriate compliance systems – is vital for insurers or reinsurers wanting to operate successfully in Japan.