Former Mitsui chairman banned as insurer is hit with huge fine
The Financial Services Authority (FSA) has fined Mitsui Sumitomo Insurance Company (Europe) £3.5m for serious corporate governance failings, and banned its former executive chairman, Yohichi Kumagai.
Historically Mitsui (Europe) supplied wholesale insurance cover only to Japanese firms operating in Europe and the Middle East.
From 2007 it expanded into non-Japanese business and by the end of 2010 half its premiums were coming from this source, much of it from branches in France and Germany.
The regulator noted that in April 2009 Mr Kumagai was seconded from the Japanese parent company and appointed as executive chairman of Mitsui (Europe).
Limited experience
His appointment was part of a
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