A trade group representing Japan’s major non-life insurers has announced that its member companies are expected to eliminate cross-shareholdings of their clients’ stocks by a specified deadline to promote a fair market environment. The General Insurance Association of Japan’s new guidelines also prohibit the establishment of new cross-shareholdings. This initiative comes in the wake of past controversies, including a price-fixing scandal, leading four of the association’s members, such as Tokio Marine and Sompo, to pledge to end these arrangements. The move aims to enhance transparency and competitive practices within the insurance sector of Japan.
