2023-08-18 08:46:27
Financial Services Agency
The Financial Services Agency is stepping up its surveillance of sales of foreign currency-denominated insurance at bank counters. Banks can earn more sales commissions by selling foreign currency-denominated insurance than yen-denominated insurance. In some cases, some banks are forced to sell to earn commissions, and the Financial Services Agency is requesting banks to sell them appropriately.
According to the Financial Services Agency, the sales volume of foreign currency-denominated insurance, which is a lump-sum payment of insurance premiums, will total regarding 1.2 trillion yen in the first half of fiscal 2022 for major banks and regional banks. increased. For foreign currency-denominated insurance, insurance premiums are invested in US dollars and insurance claims are paid in foreign currencies. Rising interest rates in the United States and Europe made investment more profitable, and sales increased.
However, some banks had problems with the sales method. Bank employees did not explain the difference between foreign currency-denominated insurance and other financial products, and sold products that customers did not want.
Behind this is a performance evaluation system that encourages bank employees to sell foreign currency-denominated insurance. Some banks rated the sales performance of foreign currency-denominated insurance four times higher than that of yen-denominated insurance.
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