Japan Financial Services Agency consults on excluding insurance subsidiaries from insurers’ large credit limit calculations

The Japan Financial Services Agency launched a public consultation on a draft Cabinet Office Ordinance to amend the Enforcement Regulations of the Insurance Business Act, proposing to ease the large credit regulation that caps an insurer’s asset management exposure to the same person. Under the draft, the amount of asset management attributable to an insurance subsidiary would be excluded from the calculation subject to the upper limit. The proposal is framed as a response to deregulation requests from related industry groups. Comments are due by 17:00 on 9 March 2026 and can be submitted by mail or via the government’s e-Gov website, with submissions not accepted by phone. After the consultation closes, the ordinance is scheduled to be promulgated and brought into force following completion of the necessary procedures.