Fitch keeps Sompo on rating watch positive
Fitch Ratings has said that the 'AA-' (AA minus) Insurer Financial Strength rating of Sompo Japan Insurance remained on Rating Watch Positive despite the announcement by Japan's Financial Services Agency (FSA) yesterday ordering Sompo Japan to suspend a part of its operations due to unlawful sales practices.
Sompo Japan will be barred from sales of non-life insurance policies for two weeks and life insurance policies for one month. The FSA also announced that it will not approve the sale of any new
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