The House of Councilors Financial Affairs Committee approved a bill Thursday to allow troubled life insurers to cut guaranteed yields to policyholders, paving the way for Diet passage.
Committee members from the governing coalition of the Liberal Democratic Party, New Komeito and the New Conservative Party supported the bill to amend the Insurance Business Law.
The full Upper House is set to endorse the bill at a plenary session Friday, and the legislation is expected to take effect in late August.