Compliance
Basic Policy on Compliance
To sustain ongoing development, it is imperative that companies carry out their business activities in strict adherence to laws while maintaining the highest sense of ethics. As the basis for the fundamental values shared by all MSIG employees and the execution of appropriate and lawful corporate activities, MSIG formulated the Mitsui Sumitomo Insurance Group Charter on Professional Conduct, with the aim of imbuing all officers and employees with a thorough awareness of compliance.
Compliance Promotion Structure
The Compliance Department carries out unified management of compliance matters. Departments in charge of compliance at MSIG insurance companies plan and implement measures and policies for employees and agencies, as well as operational rules for insurance sales. They also work to strengthen factual inquiry functions in case inappropriate behavior is discovered.
Activities
Compliance Program
As part of a compliance implementation plan by the Company, MSIG insurance companies each have a Compliance Program that is approved by the Board of Directors. The Compliance Committee of each company submits a regular report on the implementation and issues of the Program to the Board of Directors.
Compliance Manual
MSIG insurance companies each have a Compliance Manual that states their compliance-related policies and regulations, with examples and interpretations, for board members and employees. The Manual is distributed to board members and employees, and its content is familiarized through training and examinations. Procedures for reporting inappropriate behavior is stipulated in the Manual for the speedy handling of misconduct.
Compliance-related Training
Based on the Compliance Program, MSIG insurance companies organize annual education⁄training programs for employees and agencies to raise stronger awareness of lawful conduct and to enhance knowledge of regulations and company rules.
Compliance-related Inspection
MSIG insurance companies conduct compliance-related inspections to discover and correct any deficiencies that might occur. For example, Mitsui Sumitomo Insurance Co., Ltd. carries out total inspection⁄assessments on the operations of its agencies, and “Agency Operation Inspections” to instruct agencies on deficiencies. Voluntary monthly “Operational Management Inspections” and a biannual “Compliance Month” are conducted to add another perspective to their inspection activities. Each company carries out compliance-related inspections in accordance to their business models.
Monitoring Group Companies
The Compliance Department monitors and reports on compliance-related activities of MSIG insurance companies. Group Compliance Division Meetings are held to share knowledge and know-how on compliance-related issues in order to reinforce compliance throughout the group.
