With the ongoing COVID-19 pandemic, insurance solicitation using Zoom and other web-based conferencing systems has attracted more attention than ever before since such systems enable insurance solicitors and customers to visually communicate with each other from remote locations. However, what level of customer protection is required for insurance solicitation using web conferencing systems when compared with traditional insurance solicitation?
In June 2020 a bill to increase convenience and protect users of financial services, known as the Financial Service Intermediary Act, passed the Diet. The bill, which is expected to be enacted by the end of 2021, will amend the Act on Sales, etc of Financial Instruments and introduce a new financial service intermediary system. This article sets out what the new act will mean for insurers, insurance agents and brokers.