News Release

Closure of Generali Japan Notice of Schedule and Procedures

UPDATE: 11 December, 2017
As officially announced on 21 July, 2017, Assicurazioni Generali S.p.A ("Generali Japan") had determined to terminate the sales of new policies after 1 January, 2018 and the renewal of existing policies after 1 April, 2018. Generali Japan has appointed Mitsui Sumitomo Insurance Company, Limited ("Mitsui Sumitomo") as a succeeding company to take over its policies.

Please refer to the announcement on 21 July, 2017 from here.

Below is the schedule and procedures in regard to the closure of Generali Japan.

1. Schedule

1 January 2018 onwardsTerminate sales of new policies
31 March 2018Close Osaka sub-branch
Close Tokai sub-branch
1 April 2018 onwardsTerminate renewal of all matured policies
1 April 2018 - 31 March 2019Introduce Mitsui Sumitomo's products to policyholders whose policies will be matured
between 1 April 2018 to 31 March 2019
1 April 2019Transfer remaining policies to Mitsui Sumitomo based on a portfolio transfer scheme*1
1 April 2019Terminate operations of Generali Japan
*1 This transaction is subject to regulatory approvals.

2. Procedures


1 January 2018 onwards: Terminate sales of new policies
Terminate sales of new policies for all insurance products from 1 January 2018.

31 March 2018: Close Osaka and Tokai sub-branches
Terminate operations of Osaka and Tokai sub-branches and those operations will be taken over by Sales Dept. at the Japan Branch (Tokyo office) from April 1, 2018.

1 April 2018 onwards: Terminate renewal of matured policies
Terminate renewal of matured policies from 1 April 2018.

Policies matured between 1 April 2018 to 31 March 2019: Introduce Mitsui Sumitomo's products to policyholders
Following the termination of the renewal operations from 1 April, 2018, Generali Japan will send a letter to introduce insurance products of Mitsui Sumitomo approximately two months before the maturity date. *2

Please note that customers can select any other insurance companies according to their preferences.

*2 Regulatory approval was obtained on 10 October 2017.

1 April 2019: Transfer remaining policies to Mitsui Sumitomo
Assuming regulatory approvals are given, all remaining policies (mainly long-term policies) with Generali Japan will be transferred to Mitsui Sumitomo under a portfolio transfer scheme.

In addition, all obligations associated with Generali Japan's insurance policies - claim reports, claim payments and policy endorsement, will be transferred to Mitsui Sumitomo from 1 April, 2019.

In early 2019, Generali Japan will send a letter to all policyholders whose policies are to be transferred to Mitsui Sumitomo.

1 April 2019: Terminate operations of Generali Japan
Assuming the portfolio transfer to Mitsui Sumitomo is completed, all operations in Generali Japan will be terminated and the company will be liquidated.

The progress and status of regulatory approvals will be updated via Generali Japan's web site: (http://www.generali.co.jp) 

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