Tokyo, April 21 (Jiji Press)–Prudential Life Insurance Co. is considering extending its self-imposed suspension of sales of new insurance policies beyond the currently planned end on May 9, it was learned on Tuesday. The company believes that it needs more time to develop a management system that will prevent problems similar to a high-profile fraud scandal involving its employees. In January, Prudential Life announced that more than 100 of its current and former employees had scammed customers out of some 3.1 billion yen in total. Due to the scandal, the insurer has refrained from sales activities since Feb. 2. The company is expected to brief the press soon about the future of the 90-day suspension. Japan’s Financial Services Agency has conducted an on-site inspection of Prudential Life and is examining its management system for sales staff and preventive measures. The agency is also investigating Prudential Holdings of Japan Inc., the parent of the scandal-hit insurer. It is poised to take strict action, such as administrative punishment. END [Copyright The Jiji Press, Ltd.]
Scandal-Hit Prudential Life Mulls Extending Sales Suspension
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