The ruling coalition said Tuesday it will put off until after the spring elections a contentious plan to allow troubled life insurers to cut the yields they have guaranteed to policyholders, because the plan is unlikely to win public support.
But the plan is expected to be discussed again in and after May following the unified local-level elections -- a series of gubernatorial and local assembly polls nationwide -- in April, ruling bloc officials said.
Last week, the Financial Services Agency presented a draft proposal for the yield cut to the Liberal Democratic Party, New Komeito and the New Conservative Party in the hope that an amendment to the Insurance Business Law could be submitted to the Diet in mid-March.