Failed Tokyo Mutual Life Insurance Co. said Saturday that it has received approval from the Tokyo District Court to begin rehabilitation procedures.
On March 23, the midsize life insurer, which has total liabilities of 980.2 billion yen, filed for court protection from creditors under fast-track legislation designed to deal with troubled financial institutions.
The life insurer's action followed Daiwa Bank's decision the previous day to abandon a program to rescue the insurer after a planned alliance between the company and a foreign financial institution failed.