Japan's Financial Services Agency Extends Deadline on Industrywide Claims Review
February 08 2007 - 9:39AM
PR Newswire (US)
COLUMBUS, Ga., Feb. 8 /PRNewswire-FirstCall/ -- Aflac Incorporated
announced today that its operation in Japan has received
notification from Japan's Financial Services Agency (FSA) that the
deadline for a five-year claims review already in progress has been
extended. As Aflac Incorporated had previously disclosed, Aflac
Japan, along with other life insurance companies, had already
initiated a voluntary review of the last five years of paid claims
to assess the accuracy with which policyholders' claims have been
paid. Aflac had planned on reporting its findings to the FSA on
March 31, 2007. The recent notification from the FSA, which now
includes a review of cash surrender value payments, changes this
voluntary program to one that is mandatory and extends the filing
deadline to April 13, 2007. Aflac Chairman and CEO Dan Amos stated:
"We are eager to comply with the request made by the FSA, and we
have already made significant progress toward completing our claims
review. As I have said repeatedly, Aflac is in the business of
paying claims, not denying them. Paying claims promptly and fairly
has always been, and continues to be, a fundamental element of our
business. We look forward to the completion of this project to
fully respond to the FSA's request." For more than 50 years, Aflac
products have given policyholders the opportunity to direct cash
where it is needed most when a life-interrupting medical event
causes financial challenges. Aflac is the number one provider of
guaranteed-renewable insurance in the United States and the number
one insurance company in terms of individual insurance policies in
force in Japan. Our insurance products provide protection to more
than 40 million people worldwide. Aflac has been included in
Fortune magazine's listing of America's Most Admired Companies for
six consecutive years and in Fortune magazine's list of the 100
Best Companies to Work For in America for nine consecutive years.
Aflac has also been recognized three times by both Fortune
magazine's listing of the Top 50 Employers for Minorities and
Working Mother magazine's listing of the 100 Best Companies for
Working Mothers. Aflac Incorporated is a Fortune 500 company listed
on the New York Stock Exchange under the symbol AFL. To find out
more about Aflac, visit aflac.com. (Logo:
http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO ) Analyst
and investor contact - Kenneth S. Janke Jr., 800.235.2667 - option
3, FAX: 706.324.6330, or Media contact - Laura Kane, 706.596.3493,
FAX: 706.320.2288, or
http://www.newscom.com/cgi-bin/prnh/20041202/CLTH019LOGO
http://photoarchive.ap.org/ DATASOURCE: Aflac CONTACT: Analyst and
investor contact - Kenneth S. Janke Jr., +1-800-235- 2667 - option
3, or Fax: +1-706-324-6330, or , or Media contact - Laura Kane,
+1-706-596-3493, or Fax: +1-706-320-2288, or , both of Aflac Web
site: http://www.aflac.com/
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