Tokio Marine Holdings has spelt out several major measures to strengthen control over its non-life subsidiaries.
The company said, “We sincerely apologise for the concern created by this occurrence of improper conduct at our subsidiary. As a holding company, in addition to providing guidance and ensuring swift and effective implementation of the business improvement plan at Tokio Marine & Nichido, we will further strengthen and enhance our group’s compliance, internal control and governance systems.”
Tokio Marine Holdings said that the major measures to strengthen the management of non-life insurance subsidiaries are:
1. Establishment of Group Audit Committee
The existing Internal Control Committee focused on deliberations regarding the internal control system as a whole. The Group Audit Committee will take the role of the existing Internal Control Committee and expand its scope to deliberations concerning individual incidents, bringing in external perspectives. This change would be implemented in April 2024.
2. Consolidation of the second and third lines of the “three lines of defence” in domestic businesses
To provide more direct guidance and supervision to group…
