The Liberal Democratic Party said Tuesday it will urge the government to change its plan to allow banks to sell all types of insurance.
“Our proposal may demand the government not allow banks to sell insurance policies at all,” a senior LDP official said.
The LDP’s decision-making General Council approved a proposal asking the government to make the insurance plan vague when it adopts a new three-year deregulation program that includes the plan at a Cabinet meeting Friday, LDP officials said.
A government deregulation panel released a report late last year recommending the government allow banks to sell all types of insurance. But some LDP lawmakers opposed the plan, claiming banks may take advantage of their position as lenders to force borrowers to buy insurance policies from them.