Japan Post Heads To Quit Over Insurance Sales

Japan Post heads to quit over insurance sales

The heads of three Japan Post Group companies will resign to take responsibility for the firms' inappropriate sales of life insurance policies.

The Financial Services Agency took administrative disciplinary action against the companies on Friday.

The agency ordered some operations suspended at Japan Post Insurance and Japan Post for 3 months, citing lapses with their business management.

Japan Post Holdings President Masatsugu Nagato, Japan Post President Kunio Yokoyama, and Japan Post Insurance President Mitsuhiko Uehira will step down as of January 5.

Former internal affairs minister Hiroya Masuda is to succeed Japan Post Holdings President Nagato. He will assume the post on January 6.

Japan Post Holdings senior executive vice president Yasuo Suzuki will also step down. Suzuki had gathered information about the plan for the disciplinary action from the ministry's senior official.