Sony Assurance Reports Results of Additional Investigation of Inadvertent Nonpayment of Claims on Additional Coverage
March 30, 2007
Sony Assurance, Inc., a wholly-owned subsidiary of Sony Financial Holdings, today announced the results of its additional investigation into the inadvertent nonpayment of claims on additional insurance coverage. Today, Sony Assurance also reported these findings to the Financial Services Agency of Japan.
As soon as the inadvertent nonpayment of a claim were found, Sony Assurance contacted the customer and proceeded to pay the claim. The company humbly apologizes for those cases that have come to light and for any concern and inconvenience they may have caused. Keenly aware of the severity of those matters, Sony Assurance is initiating a variety of measures to prevent the situation from recurring.
- Number of Instances of Inadvertent Nonpayment of Claims
- Measures to Prevent Recurrence
Sony Assurance made additional investigations for instances of inadvertent nonpayment of claims on additional insurance coverage during the period extending from April 2002 through June 2005, uncovering an additional 2,530 cases with nonpayment amounts totaling ¥149 million. Adding these results to cases previously discovered brings the total during this period to 3,078 cases, with nonpayment amounts totaling ¥174 million.
To ensure that claims are paid properly, Sony Assurance has already implemented measures to prevent recurrence. These include stronger processes for providing explanations to customers, managing payments, developing products and supervising business. The company will continue to enhance these procedures to prevent the future recurrence of inadvertent nonpayment of insurance claims.
Note: This is an English-language summary of a Japanese announcement made by Sony Assurance on March 30, 2007. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
