The Financial Services Agency began on-site inspections of Bigmotor and Sompo Japan Insurance on Tuesday, aiming to dig deeper into the insurance fraud scandal by the leading used-car dealership chain.
FSA officials will be stationed in Sompo Japan¡¯s Shinjuku headquarters and Bigmotor¡¯s branch in the city of Tama in Tokyo, where the firm is planning to move its headquarters, with the investigation likely to take several months. Bigmotor¡¯s Tama branch is also overseeing the company¡¯s insurance agency business.
Based on the investigation, the FSA will consider whether to impose an administrative order, which could include instructing the two companies to draft a business improvement plan.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.