WORLD TRADE S/C/N/60
26May 1997
ORGANIZATION
(97-2176)
Original: English Council forTrade inServices
NOTIFICATION PURSUANT TOARTICLE III.3OFTHE
GENERAL AGREEMENT ONTRADE INSERVICES
Insurance andinsurance-related services
Thefollowing notification hasbeenreceived from Japan.
____________
1. Member notifying:
Japan
2. Notification under Article(s):
Article III,paragraph 3
3. Date ofentry intoforce:
1April 1996
Duration:
Indefinite
4. Agency responsible forenforcement ofthemeasure:
Ministry ofFinance
5. Complete description ofthemeasure:
AccordingtothecomprehensiverevisionofInsuranceBusinessLaw,establishmentofcommercial
presence asinsurance broker hasbeenallowed andtherequirement of"inyencurrency" concerning
theforeign insurance companies ’obligation toretain certain amount ofassetinJapan hasbeenabolished
since 1April 1996.
./.S/C/N/60
Page 2
Affected commitments intheSchedule:
(1) "Establishment ofcommercial presence asinsurance brokers isnotallowed untilthe
endofJune1996." inmode (3)ofthecolumn oflimitations onmarket access insector
7.A.-"Insurance andInsurance-Related Services".
(2) "Foreign lifeinsurance companies arerequired toretain inyencurrency anamount
corresponding totheirtechnical andclaim reserves foryen-denominated insurance
policies inJapan untiltheendofJune1996." inmode (3)ofthecolumn oflimitations
onnational treatment insector 7.A-"Insurance andInsurance-Related Services".
6. Members specifically affected, ifany:
None
7. Textavailable from:
Second Insurance Division
Banking Bureau
Ministry ofFinance
Telephone +(81 3)3581 4143
Telefax +(81 3)5251 2132