The Financial Services Agency ordered Meiji Yasuda Life Insurance Co. on Friday to suspend part of its life insurance solicitation business for two weeks due to illegal sales practices, FSA officials said.
The order will ban Meiji Yasuda Life from signing new contracts on life insurance products with individual customers at all branches from March 4 to 17.
The insurer will be allowed to conduct other business, including paying insurance money and renewing insurance contracts for current policyholders, the officials said.
According to the officials, the FSA concluded that Meiji Yasuda Life salespeople have been involved in illegal sales practices and that the company failed to pay policyholders insurance money they should have received.
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