Governance, Risk and Compliance - The Japanese Insurance Industry

 

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Pages: 53
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Abstract

 
Governance, Risk and Compliance - The Japanese Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Japan.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
 

Description

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Japan, including:

o An overview of the insurance regulatory framework in Japan.

o The latest key changes, and changes expected in the country's insurance regulatory framework.

o Key regulations and market practices related to different types of insurance product in the country.

o Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Japan.

o Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

o Details of the tax and legal systems in the country.
 

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Report Source Information

Supplied by: Research and Experts 
Date Published: 2017-09-30 

Report: Governance, Risk and Compliance - The Japanese Insurance Industry

 

Contents

1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and arket Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Automobile liability insurance
2.4.2 Workers' accident compensation insurance
2.4.3 Liability insurance for nuclear risks
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors (IAIS)
2.5.2 Financial Services Agency
2.5.3 Local Finance Bureau of the Ministry of Finance
2.5.4 The General Insurance Association of Japan (GIAJ)
2.5.5 The Life Insurance Association of Japan (LIAJ)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution
3 APPENDIX
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Services
3.5 Disclaimer
 

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Japan - Insurance Regulatory Framework Key Features
Table 3: Japan - Life Insurance Regulatory Framework
Table 4: Japan - Property Insurance Regulatory Framework
Table 5: Japan - Premium Rates for Earthquake Insurance
Table 6: Japan- Motor Insurance Regulatory Framework
Table 7: Japan - Liability Insurance Regulatory Framework
Table 8: Japan - CALI Premium Rates for Different Types of Motor Vehicles (in JPY)
Table 9: Japan - Corporate Tax Rates for the Financial Year 2017
 

List of Figures

Figure 1: Japan - Insurance Supervision and Control at Various Levels
Figure 2: Japan - Insurance Regulatory Frameworks for Company Registration and Operation
 

Scope

o The report covers details of the insurance regulatory framework in Japan.

o The report contains details of the rules and regulations governing insurance products and insurance entities.

o The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.

o The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

o The report provides details of taxation imposed on insurance products and insurance companies.

 

Highlights

o The Japanese insurance industry is regulated by the Financial Services Agency and the Local Finance Bureau of the Ministry of Finance.

o 100% FDI is permitted in the Japanese insurance industry.

o Composite insurance is not permitted in Japan, however both life and non-life insurers are permitted to operate accident and health insurance business.

o Non-admitted insurance is not permitted in the Japanese insurance industry, with a few exceptions.

o Automobile liability, workers' accident compensation and nuclear risk liability are compulsory classes of insurance.

 

Classification

Language Code: EN 
Region: Japan 
Report Type: Industry Report 
Industry: Service Industries 
Sector: Governance, Risk and Compliance 
Pages: 53 

Reasons to buy this report

o Gain insights into the insurance regulatory framework in Japan.

o Track the latest regulatory changes, and expected changes impacting the Japanese insurance industry.

o Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

o Understand key regulations and market practices pertaining to various types of insurance product.
 

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Governance, Risk and Compliance - The Japanese Insurance Industry

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Regional Information

Taxonomy

Branch ID: 1441

Taxonomy Location

The taxonomy on the left shows the ancestors of the Japan node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Japan

Japan has the second largest developed economy in the world (and third overall), famous for its thriving automobile and electronics industries. Japan's main trading partners are China, US, South Korea and Australia. 

Japan suffered a record trade deficit of $27.4billion in January 2014, exacerbated by a weak yen. Fears are growing about the viability of the Japanese economy as higher sales taxes are expected to dampen consumer demand. If the economy doesn't achieve the desired inflation rate of 2% by mid 2014, policy makers are expected to implement the necessary monetary policies to achieve their aim. 

The Japanese government hopes to achieve moderate growth in 2014 however Japanese companies are concerned about declining exports to China and other export partners in developing economies. Japan has also had to increase it's imports of fossil fuels following the fukushima disaster in 2011 leading to increased energy costs for manufacturers.

The Japanese government is having a challenging time trying to reboost it's economy.

Researchandexperts.com is a leading source of market research on Japan.

Useful Links

IMF report on Japan

OECD on Japan

CIA World Factbook on Japan

Japan

Eastern Asia

Region

 

Asia

Continent

Asia

Country

Countries

 

Industry Sector Information

Taxonomy

Branch ID: 7125

Taxonomy Location

The taxonomy on the left shows the ancestors of the Governance, Risk and Compliance node. This provides an insight into parent categories that may provide reports or articles that may compliment this report. The number in brackets after the node name indicates the number of reports that Research and Experts currently have in the parent category.

Clicking on a parent category will present the list of reports in the parent node in a separate window.

Insurance

The insurance industry is facing many challenges in todays environment. Insurance companies need to adapt to the latest legislation and regulations which are slowing growth in many regions, manage high costs of doing business and identify new growth markets. 

Research and Experts provide companies with the information and analysis they need to grow their business. Our reports provide information on the industry on a global level and also at a regional and country level.

 

Industry Associations

Global Federation of Insurance Associations

American Insurance Association

British Insurance Brokers Association

 

Financial Services

Financial services are the services provided by the finance industry and include banking services, insurance services, real estate services and investment services. Since the recession began in 2008/09 banking services in many European countries and the US  have been a drag on the financial services sector due to non-performing loans. Financial services is set for a strong year in 2014 as the economy improves. The US is bullish about increasing loans, more mergers, acquisitions and IPO's and higher commodity prices which will all benefit this sector. 

Research and Experts provide a range of reports on the financial services sector with information on leading companies, best trading partners, best performing companies, market size etc.

Useful Links

The Fiancial Services Authority (UK)

The British Banking Association

The International Banking Federation

American Bankers Association

European Banking Federation

Financial Services

Service Industries

Our Service Industries reports cover the areas of Business Services, Financial Services, Tourism and Leisure, Consumer Services and the Public Sector. A strong services sector is an indicator of a well developed economy. Examples of economies with a strong services sector include US, UK, Luxembourg, Switzerland and Australia.

Researchandexperts.com is a reliable source of business intelligence reports from leading publishers on the service sector economy. Industries covered by us include IT services, banking, insurance, travel, media services etc. 

Companies in the services sector require competitive intelligence which will give them keen insights into market size, best trading partners, financial analysis and company rankings. A recent report by Plimsoll on the advertising industry reviewed 500 of the largest agents in this sector. ARENA BLM LIMITED was identified as being among the fastest growing companies while  UNIVERSAL MCCANN GMBH was selected as a best trading partner.    

Service Industries

Industry

Industries

 

 

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