Prudential Life Insurance Scandal: FSA Inspection and Business Suspension

Prudential Life Insurance is facing a scandal involving employees who illicitly received over 3 billion yen in total from customers. Taking the situation seriously, the Financial Services Agency conducted an on-site inspection of the company to investigate its internal management, and sources say they are planning to order a suspension of new business operations this month. The suspension order is the second most severe administrative action after license revocation, with the duration currently being adjusted to around three months. The FSA intends to demand thorough measures to prevent recurrence and is also planning to issue a business improvement order to the parent company , Prudential Holdings of Japan. Following the issue, the company has voluntarily suspended sales of new insurance policies since February of this year.