※Translated with Notion AI. (Plus version)
The Fair Trade Commission has taken administrative action against four insurance companies for violating the Anti-Monopoly Act.
These companies were involved in cartels, bid-rigging, price manipulation, and sharing customer information.
Although the extent of the penalties is unclear, they may not have a significant impact.
Ineffective Penalties
Recent penalties for Mitsubishi Financial Group’s sharing of customer information were also not particularly surprising.
Penalties at this level make it difficult to eliminate cartels in any industry.
Some may even consider cartels and bid-rigging as a form of mutual aid.
However, if these practices are to be banned, it is reasonable and effective to impose strict penalties to prevent recurrence.
U.S. Perspective
As an American, I see a stark difference in how cartels are handled in the United States.
If an insurance company engages in cartel activities, very severe fines are imposed.
In some cases, the company may go bankrupt.
