Japan cracks down on unlicensed insurance businesses with strict penalties
In Japan, there are two main laws that control insurance: the Insurance Act and the Insurance Business Act. The Insurance Business Act sets rules for insurance companies and can punish those operating without a license. However, it's not always clear what counts as insurance under these laws. People are debating whether new services that act like insurance should be regulated. This chapter gives an overview of insurance laws in Japan and talks about how the definition of insurance is understood under the Insurance Business Act.