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Report: CEOs of Japan Post, units expected to step down after insurance scandal

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Report: CEOs of Japan Post, units expected to step down after insurance scandal

Japan's Financial Services Agency issued a three-month suspension of insurance product sales on Japan Post Holdings Co. Ltd.'s units, Japan Post Insurance Co. Ltd. and Japan Post Co. Ltd., the Nikkei Asian Review reported, citing a source familiar with the matter.

The Japanese regulator is concluding its three-month investigation of the units following reports of inappropriate sales practices, which included double premium charges and the improper selling of approximately 104,000 insurance policies issued by Aflac Inc.

Japan Post Holdings CEO Masatsugu Nagato, Japan Post Insurance CEO Mitsuhiko Uehira and Japan Post CEO Kunio Yokoyama are expected to step down to take management responsibility, according to the report.