The Financial Services Agency on Thursday ordered Sompo Japan Insurance Inc. to suspend most of its operations for two weeks at all of its offices nationwide for illegal sales practices.
It is the third time the financial watchdog has punished the major casualty insurer. Last November, the FSA ordered Sompo Japan and 25 other nonlife insurers to make improvements after failing to pay legitimate insurance claims. A similar order was issued in August 2002.
On Thursday, the FSA ordered a two-week suspension from June 12 at all Sompo Japan offices, banning it from sales and advertising of its mainstay nonlife policies.