Tokyo, Nov. 14 (Jiji Press)–Japan’s Tama Home Co. said Saturday it has informed three major nonlife insurance companies of a plan to end its insurance agency business following fire insurance fraud involving its employees. The homebuilder is considering a plan for outside experts to conduct an investigation into the fraud to ensure objectivity, the company also said. The three insurers are Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Insurance Inc. and Mitsui Sumitomo Insurance Co. They are already moving to end insurance sales through Tama Home. Tama Home sells fire and life insurance products to home buyers as an insurance agent. At its branch in Takamatsu, the capital of Kagawa Prefecture, western Japan, fraudulent practices, such as repeatedly using the same photographs taken as proofs of damage in making fire insurance claims, started at least more than five years ago. Similar misconduct is suspected to have taken place at other branches. Tama home is conducting an in-house investigation covering its 236 branches across the nation while stopping short of unveiling when to disclose the results of the probe. “We deeply apologize for the significant concern and inconvenience we have caused” regarding the reported irregularities, Tama Home said. It is the first time for Tama Home to make an official announcement over the irregularities since the scandal came to light Tuesday. END [Copyright The Jiji Press, Ltd.]
