The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Japan, including: An overview of the insurance regulatory framework in Japan. The latest key changes and changes expected in Japan's insurance regulatory framework. Key regulations and market practices related to different types of insurance product in the country. Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Japan. Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations. Details of the tax and legal systems in the country. Executive summary Timetric’s 'Governance, Risk and Compliance - The Japanese Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Japan. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries. The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country. Scope This report covers details of the insurance regulatory framework in Japan. The report contains details of rules and regulations governing insurance products and insurance entities. The report lists and analyzes key trends and developments pertaining to the Japanese insurance regulatory framework. The repot analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country. The report provides details of taxation imposed on insurance products and companies. Reasons to buy Gain insights into the insurance regulatory framework in Japan. Track latest regulatory changes and expected changes impacting the Japanese insurance industry Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country Understand key regulations and market practices relating to various types of insurance product. Key highlights The Financial Services Agency (FSA) and the Local Finance Bureau of the Ministry of Finance (LFB) supervise and regulate the Japanese insurance industry. 100% FDI is permitted in the Japanese insurance industry. Non-admitted insurance is not permitted in the Japanese insurance industry with a few exceptions.

1. Governance, Risk and Compliance - The Japanese Insurance Industry
Synopsis
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Japan, including:
An overview of the insurance regulatory framework in Japan. The latest key changes and changes expected in Japan's insurance regulatory framework. Key
regulations and market practices related to different types of insurance product in the country. Rules and regulations pertaining to key classes of compulsory
insurance, and the scope of non-admitted insurance in Japan. Key parameters including licensing requirements, permitted foreign direct investment, minimum
capital requirements, solvency requirements, reserve requirements, and investment regulations. Details of the tax and legal systems in the country.
Executive summary
Timetric’s 'Governance, Risk and Compliance - The Japanese Insurance Industry' report is the result of extensive research into the insurance regulatory
framework in Japan. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation
and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.
The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations,
recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance
in the country.
Scope
This report covers details of the insurance regulatory framework in Japan. The report contains details of rules and regulations governing insurance products and
insurance entities. The report lists and analyzes key trends and developments pertaining to the Japanese insurance regulatory framework. The repot analyzes rules
and regulations pertaining to the establishment and operation of insurance business in the country. The report provides details of taxation imposed on insurance
products and companies.
Reasons to buy
Gain insights into the insurance regulatory framework in Japan. Track latest regulatory changes and expected changes impacting the Japanese insurance
industry Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country Understand key
regulations and market practices relating to various types of insurance product.
Key highlights The Financial Services Agency (FSA) and the Local Finance Bureau of the Ministry of Finance (LFB) supervise and regulate the Japanese
insurance industry. 100% FDI is permitted in the Japanese insurance industry. Non-admitted insurance is not permitted in the Japanese insurance industry with a
few exceptions. Composite insurance is not permitted in Japan, however both life and non-life insurers are permitted to operate accident and health insurance
business. Compulsory adoption of IFRS 4 standards in Japan is expected to start from 2015 or 2016.
table Of Contents
1 Introduction
1.1 What Is This Report About?
1.2 Definitions
2 Governance, Risk And Compliance
2.1 Legislation Overview And Historical Evolution
2.2 Latest Changes In Regulations
2.3 Legislation And Market Practice By Type Of Insurance
2.3.1 Life Insurance
2.3.2 Property Insurance
2.3.3 Motor Insurance
2.3.4 Liability Insurance
2.3.5 Marine, Aviation And Transit Insurance
2.3.6 Personal Accident And Health Insurance
2.4 Compulsory Insurance
2.4.1 Automobile Liability Insurance (cali)
2.4.2 Workers’ Accident Compensation Insurance
2.4.3 Liability Insurance For Nuclear Risks
2.5 Supervision And Control
2.5.1 International Association Of Insurance Supervisors
2.5.2 Financial Services Agency (fsa)
2.5.3 Local Finance Bureau Of The Ministry Of Finance (lfb)
2.6 Non-admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market Practices
2.6.4 Fines And Penalties
2.7 Company Registration And Operations
2.7.1 Types Of Insurance Organization
2.7.2 Establishing A Domestic Company
2.7.3 Foreign Ownership
2.7.4 Types Of License
2.7.5 Capital Requirements
Governance, Risk and Compliance - The Japanese Insurance Industry

2. 2.7.6 Solvency Margins
2.7.7 Reserve Requirements
2.7.8 Investment Regulations
2.7.9 Statutory Return Requirements
2.7.10 Fee Structure
2.8 Taxation
2.8.1 Insurance Premium Or Policy Taxation
2.8.2 Withholding Taxes On Premium Paid Overseas
2.8.3 Corporate Tax
2.8.4 Vat
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access To Court
2.9.3 Alternative Dispute Resolution (adr)
3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer
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Governance, Risk and Compliance - The Japanese Insurance Industry