The Financial Services Agency exerted improper pressure early last year on Tokio Marine & Fire Insurance Co. to consolidate with Asahi Mutual Life Insurance Co., a Democratic Party of Japan member said Tuesday.
During a meeting of the House of Councilor's Committee on Financial Affairs, DPJ member Kohei Otsuka said that FSA Commissioner Shokichi Takagi, then head of the FSA's supervisory division, threatened to revoke Tokio Marine's operating license if the nonlife insurer decided to suspend its scheduled merger with Asahi Mutual.
The claims were based on an alleged Tokio Marine transcript of a meeting between Takagi and Tokio Marine Vice President Akihiko Mori on January 21, 2002, submitted to the committee by Otsuka.