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Japan: Regulator plans tough stance on insurance subcontracts

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The Japanese financial regulator looks to take steps to ensure that the insurance sector follows correct guidelines for insurance agents subcontracting sales of products, sources have said.

The regulator will amend its guidelines on the matter, The Japan News reported citing Jiji Press.

The sources also said that the regulator will ask insurers to file reports after taking corrective steps as it looks to strictly clarify that the practice is banned, unless subcontractors are appointed by insurance agents themselves.

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