This English translation of the Insurance Business Act has been prepared,

reflecting up to the revisions of Act No.74 of 2007. This translation is awaiting

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original Japanese texts published in the Official Gazette.

Insurance Business Act (Act No. 105 of June 7, 1995)

Part I: General Provisions (Article 1 - Article 2-2)

Part II: Insurance Company, etc.

Chapter I: General Rules (Article 3 - Article 8-2)

Chapter II: Stock Company and Mutual Company Carrying on Insurance Business

Section 1: Special Provisions on Stock Company Carrying on Insurance Business

(Article 9 - Article 17-7)

Section 2: Mutual Company

Subsection 1: General Rules (Article 18 - Article 21)

Subsection 2: Incorporation (Article 22 - Article 30-15)

Subsection 3: Rights and Obligations of Members (Article 31 - Article 36)

Subsection 4: Organs

Division 1: General Meeting of Members (Article 37 - Article 41)

Division 2: General Meeting (Article 42 - Article 50)

Division 3: Establishment, etc. of Organs Other than General Meeting of Members

and General Meeting (Article 51 - Article 53-12)

Division 4: Directors and Board of Directors (Article 53-13 - Article 53-16)

Division 5: Accounting Advisors (Article 53-17)

Division 6: Company Auditors and Board of Company Auditors (Article 53-18 -

Article 53-21)

Division 7: Accounting Auditors (Article 53-22 and Article 53-23)

Division 8: Committees and Executive Officers (Article 53-24 - Article 53-32)

Division 9: Liability for Damages of Officers, etc. (Article 53-33 - Article 53-37)

Subsection 5: Accounting, etc for Mutual Company

Division 1: Accounting Principles (Article 54)

Division 2: Financial Statements, etc. (Article 54-2 - Article 54-10)

Division 3: Payment of Interest on Funds, Redemption of Funds and Distribution of

Surplus (Article 55 - Article 55-4)

Division 4: Reserve for Redemption of Funds and Deficiency Reserve (Article 56 -

Article 59)

Subsection 6: Solicitation of Additional Funds (Article 60 and Article 60-2)

Subsection 7: Solicitation of Subscribers for Bonds Issued by Mutual Company

(Article 61 - Article 61-10)

Subsection 8: Amendment in the Articles of Incorporation (Article 62)

Subsection 9: Assignment, etc. of Business. (Article 62-2)

Subsection 10: Miscellaneous Provisions (Article 63 - Article 67-2)

Section 3: Entity Conversion

Subsection 1: Entity Conversion from Stock Company to Mutual Company (Article

68 - Article 84-2)

Subsection 2: Entity Conversion from Mutual Company to Stock Company (Article

85 - Article 96-16)

Chapter III: Business (Article 97 - Article 105)

Chapter IV: Subsidiary Company, etc. (Article 106 - Article 108)

Chapter V: Accounting (Article 109 - Article 122-2)

Chapter VI: Supervision (Article 123 - Article 134)

Chapter VII: Comprehensive Transfer of Insurance Contracts, Transfer or

Acquisition of Business, and Entrustment of Business and Property

Section 1: Comprehensive Transfer of Insurance Contracts (Article 135 - Article 141)

Section 2: Transfer or Acquisition of Business (Article 142 and Article 143)

Section 3: Entrustment of Business and Property Management (Article 144 - Article

151)

Chapter VIII: Dissolution, Merger, Company Split and Liquidation

Section 1: Dissolution (Article 152 - Article 158)

Section 2: Merger

Subsection 1: General Rules (Article 159)

Subsection 2: Merger Agreement (Article 160 - Article 165)

Subsection 3: Procedure of Merger

Division 1: Procedure for Extinct Stock Company (Article 165-2 - Article 165-8)

Division 2: Procedure for Surviving Stock Company in Absorption-Type Merger

(Article 165-9 - Article 165-13)

Division 3: Procedure for Formed Stock Company in Consolidation-Type Merger

(Article 165-14)

Division 4: Procedure for Extinct Mutual Company (Article 165-15 - Article 165-18)

Division 5: Procedure for Surviving Mutual Company in Absorption-Type Merger

(Article 165-19 - Article 165-21)

Division 6: Procedure for Formed Mutual Company in Consolidation-Type Merger

(Article 165-22)

Division 7: Special Provisions for Merger of Stock Companies (Article 165-23 and

Article 165-24)

Division 8: Public Notice, etc. after Merger (Article 166)

Subsection 4: Effectuation, etc. of Merger (Article 167 - Article 173)

Section 3: Company Split (Article 173-2 - Article 173-8)

Section 4: Liquidation (Article 174 - Article 184)

Chapter IX: Foreign Insurer

Section 1: General Rules (Article 185 - Article 193)

Section 2: Business, Accounting, etc. (Article 194 - Article 199)

Section 3: Supervision (Article 200 - Article 207)

Section 4: Abolition, etc. of Insurance Business (Article 208 - Article 213)

Section 5: Miscellaneous Provisions (Article 214 - Article 218)

Section 6: Special Provisions for Specified Juridical Persons (Article 219 - Article

240)

Chapter X: Special Measures, etc. for Protection of Policyholders, etc.

Section 1: Modification of Contract Conditions (Article 240-2 - Article 240-13)

Section 2: Disposition, etc. of Prime Minister Related to Business and Property

Management, etc.

Subsection 1: Suspension of Business, Order for Consultation on Merger, etc., and

Business and Property Management (Article 241)

Subsection 2: Business and Property Management (Article 242 - Article 249-3)

Subsection 3: Modification of Contract Conditions in Merger, etc. (Article 250 -

Article 255-5)

Section 3: Order, etc. for Implementation of Procedure of Merger, etc. (Article 256 -

Article 258)

Section 4: Financial Assistance, etc. Provided by Policyholders Protection

Corporation

Subsection 1: Policyholders Protection Corporation

Division 1: General Rules (Article 259 - Article 265)

Division 2: Membership (Article 265-2 - Article 265-5)

Division 3: Establishment (Article 265-6 - Article 265-11)

Division 4: Management (Article 265-12 - Article 265-22)

Division 5: General Meeting (Article 265-23 - Article 265-27-5)

Division 6: Business (Article 265-28 - Article 265-31)

Division 7: Contribution (Article 265-32 - Article 265-35)

Division 8: Finance and Accounting (Article 265-36 - Article 265-44)

Division 9: Supervision (Article 265-45 - Article 265-47)

Division 10: Miscellaneous Provision (Article 265-48)

Subsection 2: Financial Assistance, etc.

Division 1: Application, etc. for Financial Assistance (Article 266 - Article 270-3)

Division 2: Succession of Insurance Contracts (Article 270-3-2 - Article 270-3-14)

Division 3: Assumption of Insurance Contracts (Article 270-4 - Article 270-6-5)

Division 4: Financial Assistance for Insurance Claim Payments to be Compensated

(Article 270-6-6 and Article 270-6-7)

Subsection 3: Purchase of Insurance Claims, etc. (Article 270-6-8 - Article 270-6-10)

Subsection 4: Miscellaneous Provision (Article 270-7 - Article 270-9)

Section 5: Miscellaneous Provision (Article 271 - Article 271-2-3)

Chapter XI: Shareholder

Section 1: General Rules (Article 271-3 - Article 271-9)

Section 2: Special Measures Pertaining to Major Shareholder of Insurance Company

Subsection 1: General Rules (Article 271-10 and Article 271-11)

Subsection 2: Supervision (Article 271-12 - Article 271-16)

Subsection 3: Miscellaneous Provision (Article 271-17)

Section 3: Special Provisions Pertaining to Insurance Holding Company

Subsection 1: General Rules (Article 271-18 - Article 271-20)

Subsection 2: Business and Subsidiary Company (Article 271-21 and Article 271-22)

Subsection 3: Accounting (Article 271-23 - Article 271-26)

Subsection 4: Supervision (Article 271-27 - Article 271-30)

Subsection 5: Miscellaneous Provision (Article 271-31)

Section 4: Miscellaneous Provisions (Article 271-32 and Article 271-33)

Chapter XII: Special Provisions for Small Amount and Short Term Insurance

Provider

Section 1: General Rules (Article 272 - Article 272-10)

Section 2: Business, etc. (Article 272-11 - Article 272-14)

Section 3: Accounting (Article 272-15 - Article 272-18)

Section 4: Supervision (Article 272-19 - Article 272-28)

Section 5: Comprehensive Transfer, etc. of Insurance Contracts (Article 272-29 and

Article 272-30)

Section 6: Shareholder

Subsection 1: Small Amount and Short Term Major Shareholder of Insurance

Company (Article 272-31 - Article 272-34)

Subsection 2: Small Amount and Short Term Insurance Holding Company (Article

272-35 - Article 272-40)

Subsection 3: Miscellaneous Provisions (Article 272-41 - Article 272-43)

Chap