Non-admitted insurance: Prohibited, unless permission is granted by the Financial Supervisory Agency for coverage not available in the market.
Premium tax paid by insured: A stamp duty of around US$2 is levied on all policies. There is a 0.2% fire brigade charge on fire premiums and a Road Safety Fund charge of 0.1% on motor premiums paid to Japanese insurers. There is a 5% consumption tax on brokerage.
Regulator: Insurance is regulated by the Financial Supervisory Agency (FSA).
Overview: Tokyo has a highly developed local insurance market. No foreign insurer without a branch office in Japan may effect insurance contracts on people, property, vessels or aircraft situated in Japan without written consent from the Ministry of Finance.
Overall risk rating: low
