The Financial Services Agency said Wednesday it will allow banks to sell all types of insurance products within three years.
The deregulation is expected to benefit banks, consumers and insurers, despite their opposition to the step, but make life tougher for existing insurance vendors.
Banks will be allowed to sell life and nonlife insurers' major lineups in whole-life insurance and automobile insurance. The FSA has yet to decide the timing for deregulation of each insurance product.