A Liberal Democratic Party panel on financial affairs held off Friday from formally endorsing proposals to set up a new body offering protection to insurance policyholders in the event of an insurer’s collapse.

The delay stemmed from some panel members’ desire to see more concrete assurances that the government would inject public funds into the body if necessary. The proposal, part of a comprehensive bill on financial system reform expected to be submitted to the Diet by March 10, calls for the new body to fully compensate most insurance policies up to the end of March 2001.

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