The Administrative Reform Council has proposed privatizing the life insurance business operated by the Posts and Telecommunications Ministry and placing two of its other major operations — postal savings and delivery — under a new governmental agency.

Members of the high-powered panel, led by Prime Minister Ryutaro Hashimoto, said they also agreed that efforts should be made to eventually hand over the postal savings system to private management. The proposals were agreed to during the panel’s intensive discussions held from August 18 through August 21 at a Tokyo hotel. The panel, which has also proposed the reorganization of the government into a Cabinet Office, 10 ministries and two agencies by January 2001, will compile a preliminary report Sept. 3.

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