The Financial Services Agency plans to order Meiji Yasuda Life Insurance Co. later this month to suspend part of its business activities for about two weeks over alleged illegal sales practices, FSA sources said Friday.
Meiji Yasuda has admitted to having problems with its contracts and has apologized to policyholders.
The administrative order is expected to ban the insurer from signing new individual life insurance contracts at all its branches, the sources at the financial regulator said.