Risk of losses and litigation from clerical errors
First written in FY2023. 1 of 2 entries say "Restated". Latest entry: FY2024.
2 other companies' latest entry also says "Restated".
- FY2024RestatedAnnual report
「However, if these measures fail to function adequately and customers suffer losses due to gross negligence or fraudulent acts, if our group’s administrative processes need to be substantially revised, or if litigation is brought and its resolution requires considerable time and expense or results in an order to pay damages, among other circumstances」
保険契約管理、保険料請求、保険金支払及び資金決済等の事務プロセスに関する事務リスクを再掲している。 - FY2023First statedAnnual report
「However, if these measures fail to function adequately and customers suffer losses due to gross negligence or fraudulent acts, if our group’s administrative processes need to be substantially revised, or if litigation is brought and its resolution requires considerable time and expense or results in an order to pay damages, among other circumstances」
The company has separately identified risks relating to administrative processes for policy management, premium billing, claims payments and fund settlements. Manuals and case reviews are cited as measures to prevent recurrence.