FSA fines insurer £3.3m for corporate governance failings

It has also imposed a ban and fine of £119,303 on its former executive chairman, Yohichi Kumagai. The company is the London-based subsidiary of Japanese insurance firm Mitsui Sumitomo Insurance Company (Japan), which is part of one of the world's largest non-life insurance groups. The regulator said Kumagai had failed to ensure key posts at the company were filled with staff who had the necessary experience, knowledge and time to fulfil their roles effectively. For example, he failed to hire a chief underwriting officer, a factor which then hindered the firm's ability to control th...