Jonathan Malamud Co-Chair	Grant Tanabe Co-Chair	Bruce Ellsworth Vice Chair

2007 COMMITTEE DESCRIPTION
Focuses on the development of the insurance and insurance-related industries in　Japan. Provides input to the Japanese and U.S. governments with regard to the　impact of regulatory measures by the Government of Japan on U.S. insurance　and insurance-related companies operating in Japan.

2007 COMMITTEE OBJECTIVES
•    Promote and protect the interests in Japan of U.S. insurance and insurance-related companies by advocating on behalf of those companies to relevant Japanese policymakers.
•    Provide timely and relevant briefings to U.S. government officials on issues of concern to the U.S. insurance industry in Japan, including matters relevant to the negotiation, implementation, and monitoring of trade agreements.
•    Provide opportunities for the U.S. insurance community in Japan to exchange information and network.


2007 ACHIEVEMENTS
Advocacy
2007 was an extremely busy year for the Insurance Subcommittee.  There were many key events in 2007 that significantly impacted the operations of U.S. insurance companies in Japan.  For example, Japan Post was privatized in October 2007, the FSA fully liberalized the bank sales channel in December 2007, and the Ministry of Justice (MOJ) deliberated on revisions to the Commercial Code to create a new Insurance Contracts Law.  

Throughout the year, the Subcommittee actively engaged in dialog with relevant Japanese government officials and others to help ensure that these reforms were accomplished in a fair manner consistent with sound regulatory principles.  During the year, we continued to work closely with the U.S. Embassy, USTR, and other relevant U.S. government agencies, keeping them informed of regulatory and business trends as well as industry concerns.

To support these activities, the Subcommittee:
1)    Published 4 viewpoints, 9 sets of public comments, 2 PowerPoint presentations (both posted on Japanese government websites)
2)    Orally presented twice before government advisory groups
3)    Met 11 times directly with government officials, including the FSA (5 = 3 (bank sales), 1 (branches),1 (solvency) ); MOJ (4); Privatization Office (1); and MOF (1)
4)    Met three Diet members regarding bank sales
5)    8 Subcommittee meetings and 4 joint committee meetings with EBC
6)    Met 3 times with industry groups (3 times – PPC, Bank Sales, and Kyosai)


Speaker Programs & Networking
Accenture event – “High Performance Insurance in Japan” Speaker: Pierre-Louis Seguin, Insurance Industry Managing Director, Accenture Japan (96 attendees)

CEO of Aflac Dan Amos co-sponsored event with the CSR Committee – “Take Care of Our People, and They'll Take Care of the Business: The Story Behind Aflac’s CSR Strategy,” Speaker: Daniel P. Amos, Chairman & CEO, Aflac Incorporated (194 attendees)