The Financial Services Agency (FSA) and the Bank of Japan, Fukuoka Branch, have announced financial measures in response to the disasters and heavy rains that occurred in Saga Prefecture starting from July 7, 2023. These measures aim to provide appropriate financial assistance to those affected by the disaster under the Disaster Relief Act. The FSA has requested banks, securities firms, life insurance companies, non-life insurance companies, small short-term insurance providers, and electronic bond record-keeping institutions to take the following financial measures based on the specific circumstances:
- Request to Banks:
- Confirm the identity of depositors who have lost their deposit certificates or passbooks by employing appropriate verification methods based on the individual’s disaster situation.
- Accept thumbprints in cases where there is no registered seal.
- Consider early redemption of time deposits and savings, as well as providing loans secured by such deposits.
- Allow negotiations with relevant financial institutions for the collection of expired promissory notes due to the impact of the disaster.
- Show consideration for the publication of dishonored checks and payment suspensions and also take similar considerations for electronic record bond transactions.
- Request to Securities Firms:
- Confirm the identity of individuals who have lost their registered seal for securities transactions by employing appropriate verification methods based on the individual’s disaster situation.
- Provide cooperation for the reissuance of lost securities.
- Process immediate payment of sale or redemption proceeds of held securities upon request by affected individuals, as far as possible.
- Display relevant information and instructions in branch offices and widely disseminate them to customers.
- Request to Life Insurance Companies, Non-life Insurance Companies, and Small Short-term Insurance Providers:
- Offer convenience measures, such as providing guidance on insurance claims for policyholders who have lost their insurance policies or registered seals, based on confirmed information regarding the policy.
- Make efforts to process life insurance benefits or non-life insurance claims as quickly as possible.
- Consider extending grace periods for the payment of life insurance premiums or non-life insurance premiums, depending on the circumstances of the affected individuals.
- Display relevant information and instructions in branch offices and widely disseminate them to policyholders.
- Request to Electronic Bond Record-keeping Institutions:
- Show consideration for measures such as suspending transactions or terminating usage contracts for electronic record bonds held by affected individuals.
- Show consideration for weekend operations or operating hours outside normal business hours.
- Display relevant information and instructions in branch offices.
For more information, the Financial Services Agency and the Bank of Japan’s Fukuoka Branch can be contacted directly.