Yamato Life Insurance Co., a failed insurer now under bankruptcy protection, will invite final bids Feb. 20 to select a sponsor to take over its operations.
The selection was initially planned for January, but Yamato decided to postpone it because of a delay in due diligence of its assets by a court-appointed administrator amid the financial market turmoil.
The administrator will submit a rehabilitation plan for Yamato to the Tokyo District Court by March 23, rather than the initial deadline of Feb. 13, the insurer said, adding it will continue to seek court approval for the plan by the end of April.
Yamato has selected a number of prospective sponsors, including Prudential Insurance Co. of America, sources said.