Japan's financial regulator on Friday ordered Prudential Life Insurance Co. to partially suspend its business operations after finding violations by its sales staff, including the improper collection of money from customers.
Under the regulator's order, the life insurer must halt part of its operations for a set period. The move signals that Japanese authorities are tightening oversight of insurance companies after a series of scandals involving misconduct by sales representatives.
Prudential Life Insurance Co. has not yet issued an official response to the decision. The partial suspension could affect the company's operations in the Japanese market in the period ahead.
The financial regulator said it will continue to monitor the company and require it to thoroughly rectify the violations, while strengthening internal management measures to prevent a recurrence.
