The Financial Supervisory Agency announced Wednesday that it has ordered Daihyaku Mutual Life Insurance Co. to suspend operations -- the third collapse in the nation's life insurance sector.
FSA chief Masaharu Hino told a news conference that it issued the order in response to a request from the midsize life insurer for its operations to be stopped.
Daihyaku decided at a directors' board meeting held earlier Wednesday that it was no longer possible to continue its business as it fell to a capital deficit of 45.3 billion yen at the end of fiscal 1999, he added.