Executives at four insurers to take pay cut for price fixing
Posted On: Mar. 1, 2024 9:39 AM CSTJapan’s Tokio Marine Holdings Inc., Sompo Holdings Inc., Mitsui Sumitomo Insurance Co., and Aioi Nissay Dowa Insurance Co. said about 130 executives at the firms will take up to 50% pay cuts for colluding to fix prices in contracts with corporate clients and government agencies, Japan Today reported. Tokio Marine said Shinichi Hirose, president at its Tokio Marine & Nichido Fire Insurance Co. unit, will take a 50% cut in his monthly salary for three months, while Sompo will cut the monthly salaries of nearly 50 executives.