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Executives at four insurers to take pay cut for price fixing

Posted On: Mar. 1, 2024 9:39 AM CST

Japan’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.

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