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News and Information Article
WASHINGTON, Jan. 29 // -- Reiterating its call for a level
insurance market playing field, the American Council of Life Insurers
(ACLI), the United States leading life insurance company trade
association, joined a large group of international financial services
industry organizations today in reacting strongly to recently published
Findings of Japans Postal Privatization Commission regarding potential new
postal business initiatives.
"The Commission deserves credit for its efforts to date to ensure
transparency in its role in the privatization process," said ACLI President
& CEO Frank Keating.
"However, ACLI and many other global representatives of the financial
services industry have taken note of the conspicuous absence of any
reference in the Findings to the equal competitive conditions principle
found in Japans recently adopted law on Postal Privatization," Keating
said.
He noted that in a submission to Postal Privatization Commission, ACLI
and others said: "Unfortunately, the Commission, in its Findings, has
chosen to substantially ignore this global best practice and Japans own
international obligations."
Released on December 20, 2006, the Findings review appropriate
conditions for new and expanded Postal Savings Bank and Postal Insurance
Corporation products and businesses. The industry submission calls on Japan
to adopt OECD, IMF, World Bank and WTO "best practices" -- drawn from
worldwide experiences with market-respecting, successful, privatizations --
and to avoid making worse Japans current violation of its GATS National
Treatment obligations.
Adopting "best practices" would involve, according to the submission,
providing effective measures to remove implicit or de facto government
guarantees, requiring sales of shares in postal businesses "to a reasonable
level"; mandating that Japan Post meet the same regulatory requirements as
the private sector; applying the same tax requirements; opening access to
the vast government-controlled postal distribution network; committing to
transparent, arms-length transactions between the new postal businesses and
the entity managing Japan Posts existing savings and insurance operations;
and providing measures to prevent the new postal financial institutions
from unfairly leveraging their size to distort the market.
Taking note of the emphasis on "Heightening User Convenience" as the
Commissions "most important perspective" regarding new postal business
initiatives, the submission notes the Commissions own recognition that
"...the presence of privileged postal financial institutions has distorted
the functions of the financial market, and...it is essential that Japans
market function effectively to maintain a dynamic economy."
"Accordingly," the submission states that, "any measures that would
increase market distortions, such as allowing postal financial institutions
to expand into new businesses prior to having proper internal control and
compliance systems in place, etc., would clearly not contribute to the
convenience of consumers and would simply put at risk the soundness of the
financial market."
Keating noted that ACLI shares the view expressed in the submission
that, "consumer interests will not be promoted in the long run if
competitors are not treated equally and competition is distorted. Indeed,
to achieve the benefits of postal privatization, it is essential that
equivalent conditions of competition be achieved prior to allowing the
postal financial institutions to increase their competition in the market
based on unfair advantages gained through special government privileges."
Copies of the industries submission are available in English and
Japanese on ACLIs website, http://www.acli.com.
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