Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, subsidiaries of MS&AD Insurance Group Holdings (TYO:8725), have submitted their third progress report to the Financial Services Agency (FSA) of Japan, according to a Friday filing on the Tokyo Stock Exchange.
The submission follows an administrative order from the FSA issued on Dec. 26, 2023, requiring the companies to address business improvement measures.
The reports outline steps taken to comply with the FSA's directives. Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance reaffirm their commitment to enhancing business management and preventing future issues and have apologized for the impact on customers and stakeholders.
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