The price of regulation: Japan's huge insurance market has long remained closed to outsiders but at a high cost

Article Abstract:

Tight regulation has made the Japanese insurance market highly concentrated, with only about 54 entities writing life and nonlife insurance policies totaling $606 billion in 1994 as against the US' $594 billion. The Japanese Post Office and the farmers' association Zenkyoren account for $188 billion of this amount. Aside from these two, the Japanese market has only 25 nonlife and 27 life insurers. The stringent regulatory policy of the Ministry of Finance is attributed to efforts to protect policyholders from insolvency and bankruptcy due to market overcrowding.

Industry Overview, Japan

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NAIC wrangles with multiple issues at its fall meeting

Article Abstract:

The National Association of Insurance Commissioners (NAIC) addressed projected budget shortfalls, model laws and accreditation issues at a fall 1995 meeting. The NAIC held back on enforcing a requirement for states to adopt model laws that were to become accreditation standards beginning in 1996. A projected $2.1 million budget shortfall in 1996 presents the association with the prospect of program cutbacks.

Conferences, meetings and seminars, National Association of Insurance Commissioners

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