Employees of Prudential Life Insurance have been implicated in a significant fraud case, where 107 individuals defrauded 503 clients out of approximately ¥3.14 billion. The president of the Life Insurance Association, Yukinori Takada, stated during a press conference that he regards the situation as 'extremely serious' and emphasizes the need for industry-wide efforts to prevent similar occurrences in the future. In response, the association will convene a meeting in April with leaders from member companies that have sales personnel to discuss prevention and compliance measures.

This issue comes in the wake of multiple financial misconduct cases in the insurance industry that have raised concerns and prompted the Life Insurance Association to establish guidelines regarding legal compliance for sales staff. Takada acknowledged that the previous efforts to enforce these guidelines have not been sufficient and stressed that it is urgent for member companies to ensure better adherence to regulations. The upcoming meeting is expected to include discussions on amending these guidelines to enhance their effectiveness.

In addition to addressing the fraud, the association announced a delay in the public release of a new term for insurance sales representatives, originally termed 'Seihō Lady'. The scandal has necessitated a reevaluation of industry practices, including naming conventions, as the association seeks to restore public trust and promote ethical standards among insurance providers.