How to regulate the financial conglomerate

本研究的初衷是研究联合论坛的提出和发展。报告的第一章(《金融集团与保险》)回顾了日本对金融集团的监管现状和存在的问题，并与联合论坛的提议进行了比较，但由于该提议虽然后来被引入到欧盟的金融集团指令中，但并没有像预期的那样得到进一步的发展，而且由于对保险集团的研究似乎更重要，这在日本经常出现，因此本研究的重点是保险集团的股份化，这是形成保险集团的方式之一。报告的第二章(保险与股份化)是本研究的结果。2003年修订的《保险营业法》对股份化的规定进行了部分修改，第二章的第三部分对这一问题进行了论述。

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.