Prudential plcPRU
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Financials
Prudential plcAging Population
Prudential Financial, Inc.PRU
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Japan's FSA to Order Partial Suspension of Prudential Life Insurance Operations
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Japan's Financial Services Agency is considering issuing a partial business suspension order against Prudential Life Insurance under the Insurance Business Act, it was learned on the 2nd. The agency has judged that the insurer needs to halt new policy contracts and sales so it can focus on rebuilding its internal control system, and a proposal is on the table for a suspension period of three months or longer. The FSA also plans to issue a business improvement order to its parent company, Prudential Holdings of Japan, demanding stronger governance and clearer management responsibility. In January of this year, Prudential Life announced that employees and former employees had defrauded multiple customers out of a total of about 3.1 billion yen, a scandal that led to the resignation of then-president Hiroshi Mabarai. The FSA had been working to grasp the full picture through on-site inspections.
Prudential plcPrudential Financial, Inc.