How to regulate the financial conglomerate

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This research originally aimed to study the proposal of the Joint Forum and the development of it. The first chapter of the report ("Financial Conglomerate and Insurance″) reviews the present condition and the problems of the Japanese regulation of the financial conglomerate, comparing with the proposal of the Joint Forum. But because the proposal was not so further developed as expected, even though it was later introduced into the financial group directive of EU, and because the study of the insurance conglomerate seemed more important, which emerges very often in Japan, emphasis of this research was put upon the demutualization, which is one of the ways to form the insurance conglomerate. The second chapter of the report ("Insurance and Demutualization″) is the result of this study. The regulation of the demutualization was partly amended 2003 by the amendment of the Insurance Business Act, and the third part of the second chapter deals with this problem.