The new chairman of the Life Insurance Association of Japan said July 18 that the group will only question the responsibility of the former management of insolvent Nissan Mutual Life Insurance Co. if a legal violation is uncovered.
Yuzuru Fujita, who was appointed to head the industry the same day, stressed that the association's primary task is to plan and carry out a transfer of insurance contracts from the failed firm to the newly formed Aoba Life Insurance Co. Nissan Mutual failed in April with net losses of 300 billion yen.
Fujita, who is also president of Asahi Mutual Life Insurance Co., said an industry fund designed to help protect policy holders is difficult to increase. The current maximum amount that the fund can disburse is 200 billion yen -- all of which will be used to support the new company.