Overview

• The Financial Services Agency issued a formal report request to Nippon Life under the Insurance Business Act over a 2024 incident involving removed internal documents.
• Mitsubishi UFJ Bank announced it will stop accepting insurance-company secondees by the end of March 2026 after having hosted about 200 to boost its insurance sales operations.
• In spring 2024, a Nippon Life employee seconded to MUFG Bank photographed and removed materials marked “company confidential.”
• Nippon Life’s president publicly apologized on July 16 and pledged full cooperation with regulators to uncover the facts and prevent recurrence.
• The Japan Association of Insurers pledged to investigate other firms for potential document-removal incidents by secondees.