News : Business : Life insurers find bogus policies

Life insurers find bogus policies

Tuesday, 22-May-2007 11:20AM EDT
Story from United Press International. Copyright 2007 by United Press International (via ClariNet)

TOKYO, May 22 (UPI) -- Japanese life insurance salespeople may have used phony names to complete policy contracts to meet sales quotas, a news report said Monday.

The conclusion follows revelations a number of Japanese life insurers, including leader Nippon Life Insurance Co., hold policies for fictitious people or for people whose names were signed to contracts without their knowledge, the Kyodo News Service reported.

The irregularities came to light when the carriers tried to contact customers whose contracts were canceled due to stalled premium payments. Some of the people contacted said they had never taken out any insurance, even though their names were on company contracts, the news agency said.

Nippon Life, which found at least 100 dubious contracts, had no immediate comment.

Japan's regulatory Financial Services Agency told Kyodo it would take disciplinary action against people who signed insurance contracts without policyholder consent in violation of Japan's insurance business law.

Life insurers traditionally evaluate sales staff based on the number of contracts they get signed.

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