Act on Earthquake Insurance

Link to law: http://www.japaneselawtranslation.go.jp/law/detail_download/?ff=08&id=1888
Published: 1999

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Act on Earthquake Insurance

(Purpose)

Article 1 The purpose of this Act is to promote the dissemination of earthquake insurance by having the governments reinsure the earthquake liabilities of insurance companies, etc. thereby helping to contribute to the stability of the lives of disaster victims of an earthquake, etc.

(Definitions)

Article 2 (1) The term "insurance companies, etc." as used in this Act means persons who have been granted a casualty insurance business license under paragraph (5) of Article 3 of the Insurance Business Act (Act No. 105 of 1995) or a foreign casualty insurance business license under paragraph (5) of Article 185 of the same Act or members of a person who has been granted a license under paragraph (5) of Article 219 of the same Act (referred to as "insurance companies" in Article 9-2), or those juridical persons who carry out the mutual aid business related to fires pursuant to any other Acts and are designated by the Minister of Finance.

(2) The term "earthquake insurance contracts" as used in this Act means casualty insurance contracts (hereinafter including fire-related mutual aid contracts) that meet the following requirements.

(i) The subject of the insurance is a building provided for residential use or movables for daily living only.

(ii) Damage (limited to those provided by a Cabinet Order) due to fire, destruction, burial or being carried away in a flood, resulting directly or indirectly from an earthquake or volcanic eruption, or tsunami following these events (hereinafter referred to as "earthquake, etc.") is compensated by the amount set forth by a Cabinet Order.

(iii) The contract is incidental to a specified casualty insurance contract.

(iv) The insured amount is equivalent to an amount not less than 30% and not more than 50% of the insured amount in the underlying casualty insurance contract (when that amount exceeds the amount set forth by a Cabinet Order, then the insured amount shall be the amount set forth by said Cabinet Order).

(3) For the purpose of a mutual aid contract, the terms "insurance", "insurance claim" and "insurance liability" in this Act shall be deemed to be replaced with "mutual aid", "mutual aid money" and "mutual aid liability," respectively.

(Reinsurance by the Government)

Article 3 (1) The government may enter into a reinsurance contract with insurance companies, etc. that accept insurance liabilities assumed by other insurance companies, etc. under earthquake insurance contracts.

(2) The reinsurance contract set forth in the preceding paragraph shall provide, for each of the other parties to the contract, that when the total amount of insurance claims to be paid for a single earthquake, etc. under all earthquake insurance contracts pertaining to the other party exceeds the amount set forth by a Cabinet Order, such excess amount shall be compensated according to the proportion specified by a Cabinet Order for each layer.

(3) The total amount of reinsurance claims to be paid by the government for any one earthquake, etc. must be within the limit not to exceed the amount set by the resolution of the Diet for each fiscal year.

(4) Two or more earthquakes, etc. occurring within 72 consecutive hours shall be deemed to be one earthquake, etc., provided, however, that this shall not apply to situations where the disaster areas do not overlap at any point.

(Reduction in Insurance Claims)

Article 4 When the total amount of insurance claims to be paid for any one earthquake, etc. under all earthquake insurance contracts pertaining to the reinsurance contract of the government prescribed in paragraph (1) of the preceding Article exceeds the sum total of the amount to be borne by all of insurance companies, etc. under that reinsurance contract and the upper limit of the amount to be borne by the government under the provision of paragraph (3) of the same Article, the insurance companies, etc. may reduce the amount of insurance claims to be paid by them in accordance with the prescriptions of a Cabinet Order.

(Suspension of Conclusion of New Earthquake Insurance Contract when a Warning Declaration Has Been Issued)

Article 4-2 (1) When a warning declaration about an earthquake disaster under the provision of paragraph (1) of Article 9 of the Act on Special Measures for Large-scale Earthquakes (Act No. 73 of 1978) (hereinafter referred to as "warning declaration" in this Article) is issued, insurance companies, etc. may not enter into any new earthquake insurance contract to be covered by the reinsurance contract of the government (excluding those prescribed by a Cabinet Order) for subjects located in areas pertaining to said warning declaration and designated as areas for intensified countermeasures against the earthquake by the provision of paragraph (1) of Article 3 of the same Act from the time when the warning declaration is issued until the day when the warning declaration is withdrawn under the provision of paragraph (3) of Article 9 of the same Act (or, where the large scale earthquake pertaining to the warning declaration does occur, until the day designated by the Minister of Finance in a public notice after consultation with the Earthquake Insurance Council).

(2) In addition to what is provided for in the preceding paragraph, necessary matters for the suspension of conclusion of earthquake insurance contracts when a warning declaration has been issued (including when the large-scale earthquake pertaining to said warning declaration has actually occurred) shall be prescribed by a Cabinet Order.

(Insurance Premium Rates and Reinsurance Premium Rates)

Article 5 (1) The premium rates for earthquake insurance contracts pertaining to the government reinsurance must be as low as possible, subject to the balance of income and expenses.

(2) The reinsurance premium rates pertaining to the government reinsurance business shall be reasonably determined so as that the reinsurance premium income may cover the payment of reinsurance claims over the long term.

(Application for Review)

Article 6 (1) Insurance companies, etc. may apply for review to the Minister of Finance when they have complaints on matters concerning government reinsurance.

(2) When the application for review is made under the provision set forth in the preceding paragraph, the Minister of Finance shall make a determination after a review by the Earthquake Insurance Council.

(3) For the purpose of the interruption of prescription, an application for review under paragraph (1) shall be deemed to be a demand by litigation.

(Earthquake Insurance Council)

Article 7 (1) The Earthquake Insurance Council may be established under the Ministry of Finance pursuant to the provision of a Cabinet Order.

(2) In addition to dealing with matters falling under its jurisdiction as provided by Article 4-2 and paragraph (2) of the preceding Article, the Earthquake Insurance Council shall, in a situation where reinsurance claims are to be paid, study and deliberate on matters pertaining to the amount of the reinsurance claims and reduction in insurance claims under Article 4, in response to a consultation by the Minister of Finance.

(3) In addition to what is provided for in the two preceding paragraphs, necessary matters for the organization and management of the Earthquake Insurance Council shall be prescribed by a Cabinet Order.

(Measures by the State)

Article 8 The government shall, when it is particularly necessary for ensuring the payment of insurance claims under earthquake insurance contracts, endeavor to arrange or provide financing for insurance companies, etc.

(Report and Inspection)

Article 9 (1) The Minister of Finance may, when he/she finds it necessary for securing the sound operation of the government reinsurance business provided by this Act, have insurance companies, etc. conducting business pertaining to earthquake insurance contracts submit reports on that business or make his/her staff enter said offices of the insurance companies, etc. to inspect books and documents and other items.

(2) The staff of the Minister of Finance engaged in the spot inspection pursuant to the provision of the preceding paragraph must carry identification and present it to relevant persons.

(3) The authority for the spot inspection under the provision of paragraph (1) shall not be construed as approved for criminal investigations.

(Consultations)

Article 9-2 The Prime Minister shall, when he/she intends to impose any of the dispositions listed in the items of paragraph (1) of Article 311-2 against any insurance company that accepts insurance liabilities assumed by another insurance company, etc. under earthquake insurance contracts, consult thereon with the Minister of Finance in advance.

(Notices, etc.)

Article 9-3 (1) The Prime Minister shall notify the Minister of Finance of the fact and details of the following cases in advance when the case falls under item (i) and without delay when the case falls under any of item (ii) to (iv) inclusive.

(i) When he/she intends to issue an order for change under the provision of Article 131, 203 or 229 of the Insurance Business Act, with regard to earthquake insurance contracts pertaining to reinsurance by the government.

(ii) When the written application for a license is submitted as provided in paragraph (1) of Article 4, paragraph (1) of Article 187 or paragraph (1) of Article 220 of the Insurance Business Act, and there is a description with regard to earthquake insurance contracts pertaining to reinsurance by the government in the statement of business procedures attached thereto.

(iii) When an application for authorization of the changes is submitted under the provision of paragraph (1) of Article 123 (including the cases where it is applied mutatis mutandis pursuant to Article 207 of the Insurance Business Act) or paragraph (1) of Article 225 of the Insurance Business Act, with regard to earthquake insurance contracts pertaining to reinsurance by the government.

(iv) When a report is submitted under the provision of paragraph (1) of Article 9-3 of the Act on Non-Life Insurance Rating Organizations (Act No. 193 of 1948), with regard to earthquake insurance contracts pertaining to reinsurance by the government.

(2) The Minster of Finance may, when he/she finds it necessary for securing the sound operation of the government reinsurance business provided in this Act after receiving the notice set forth in the preceding paragraph, may state his/her opinion to the Prime Minister.

(3) The Prime Minister shall respect any opinion stated by the Minister of Finance pursuant to the provision of the preceding paragraph.

(Delegation of Authority to the Commissioner of the Financial Services Agency)

Article 9-4 The Prime Minister shall delegate his/her authority under this Act (excluding those specified by a Cabinet Order) to the Commissioner of the Financial Services Agency.

(Enforcement Provisions)

Article 10 The procedures for enforcing this Act and other matters necessary for its execution shall be provided by an Ordinance of the Ministry of Finance.

(Penal Provisions)

Article 11 (1) Any person who fails to submit, or falsifies a report to be submitted under the provision of paragraph (1) of Article 9, or who refuses, hinders or evades the inspection under the provision of the same paragraph shall be subject to a fine of not more than 30,000 yen.

(2) When a representative or proxy, employee or other worker of an insurance company, etc. has committed any of the violations set forth in the preceding paragraph with regard to the business of the insurance company, etc., the insurance company, etc., as well as the perpetrator, shall be subject to the punishment set forth in the same paragraph .

Supplementary Provisions [Extract]

(1) This Act shall come into effect as from the day of promulgation.

Supplementary Provisions [Act No. 59 of May 24, 1980]

(Effective Date)

Article 1 This Act shall come into effect as from the date to be specified by a Cabinet Order within a period not exceeding three months from the day of promulgation.

(Transitional Measures, etc.)

Article 2 (1) The provisions of item (ii) and (iv) of paragraph (2) of Article 2 after the revision shall also apply to earthquake insurance contracts concluded on or subsequent to the effective date of this Act; with regard to earthquake insurance contracts concluded prior to that date, the provisions then in force shall remain applicable; provided, however, that with regard to earthquake insurance contracts concluded prior to that date but having an insurance period which does not expire on that date (limited to those contracts specified by a Cabinet Order), the damage provided in item (ii) of paragraph (2) of Article 2 after the revision shall be compensated if such damage results on or subsequent to that date, as such contracts shall be deemed to meet the requirements listed in that item.

(2) If a warning declaration regarding an earthquake disaster issued pursuant to the provision of paragraph (1) of Article 9 of the Act on Special Measures for Large-scale Earthquakes is in effect at the time when this Act enters into force, such warning declaration shall be deemed to be issued at the time when this Act enters into force for the purpose of applying the provision of Article 4-2 as amended.

Supplementary Provisions [Act No. 78 of December 2, 1983]

(1) This Act (excluding Article 1) shall come into effect as from 1 July 1984.

(2) Transitional measures necessary for those organizations, etc. whose statutory basis changes, on the effective date of this Act, from the provisions of an Act to the provisions of a Cabinet Order pursuant to the provisions of the National Government Organization Act or any related Act as revised by this Act (hereinafter referred to as "related Cabinet Order"), as well as other transitional measures necessary for the enactment, revision or abolition of the related Cabinet Order in conjunction with the enforcement of this Act, may be provided by a Cabinet Order.

Supplementary Provisions [Act No. 106 of June 7, 1995] [Extract]

(Effective Date)

Article 1 This Act shall come into effect as from the effective date of the Insurance Business Act (Act No. 105 of 1995).

(Transitional Measures on Application of Penal Provisions)

Article 6 With regard to the application of penal provisions to acts committed prior to the effective date of this Act and to acts committed subsequent to the effective date of this Act where the provisions then in force shall remain applicable pursuant to the supplementary provisions to this Act, the provisions then in force shall remain applicable.

(Delegation to Cabinet Order)

Article 7 In addition to what is provided in Article 2 to the preceding Article inclusive of the supplementary provisions, necessary transitional measures for the enforcement of this Act shall be provided by a Cabinet Order.

Supplementary Provisions [Act No. 102 of June 20, 1997] [Extract]

(Effective Date)

Article 1 This Act shall come into effect as from the effective date of the Act for Establishment of the Financial Supervisory Agency (Act No. 101 of 1997).

(Transitional Measures for Dispositions, etc. Made by Minister of Finance, etc.)

Article 2 (1) The licensing, permission, authorization, approval, designation and other dispositions, or notice and other acts carried out by the Minister of Finance or other organs of the State pursuant to the provisions of the Secured Bond Trust Act, Trust Business Act, Norinchukin Bank Act, Mutual Loan Business Act, Act on Simplification of Banking Business Procedures, etc., Act on Provision, etc. of Trust Business by Financial Institutions, Act on Prohibition of Private Monopolization and Maintenance of Fair Trade, Agricultural Cooperative Association Act, Securities and Exchange Act, Act on Casualty Insurance Rating Organizations, Fisheries Cooperative Association Act, Act on the Cooperative Associations of Small and Medium Enterprises, etc., Act on Financial Businesses by Cooperative, Shipowners Mutual Insurance Association Act, Securities Investment Trust Act, Shinkin Bank Act, Long-Term Credit Bank Act, Loan Trust Act, Medium and Small Fishery Loan Guarantee Act, Credit Guarantee Companies Act, Labor Bank Act, Foreign Exchange Bank Act, Automobile Liability Security Act, Agricultural Credit Guarantee Insurance Act, Act on Financial Institutions' Merger and Conversion, Act on Foreign Securities Brokers, Deposit Insurance Act, Act on the Promotion of Introduction of Business, etc. into Agricultural Regions, Agricultural and Fishery Cooperation Savings Insurance Act, Banking Act, Act on Controls, etc. on Money Lending, Act on Regulation, etc. on Investment Advisory Business Pertaining to Securities, Act on Regulation, etc. for Mortgage Corporations, Financial Futures Trading Act, Act on Regulation, etc. on Advanced Payment Certificate, Act on Regulations of Business Pertaining to Commodities Investment, Act on Special Provisions for the Narcotics and Psychotropics Control Act, etc. and Other Matters for the Prevention of Activities Encouraging Illicit Conduct and Other Activities Involving Controlled Substances through International Cooperation, Act on the Regulation of Business Pertaining to Specified Claims, etc., Act on Revision, etc. of Related Acts for the Reform of Financial System and Securities Exchange System, Act on Preferred Equity Investment by Cooperative Structured Financial Institution, Real Property Specified Joint Enterprise Act, Insurance Business Act, Act on Special Treatment, etc. of Corporate Reorganization Proceedings and Other Insolvency Proceedings of Financial Institution, Act on the Merger of the Norinchukin Bank and the Federation of Credit Agricultural Cooperatives, etc., Bank of Japan Act, or Act on Special Measures, etc. for Merger Procedures Pertaining to Banks, etc. for the Creation of Bank Holding Company prior to the revision by this Act (hereinafter referred to as "Former Secured Bond Trust Act, etc.") shall be deemed as licensing, permission, authorization, approval, designation and other dispositions, or notices and other acts carried out by the Prime Minister or other corresponding organs of the State pursuant to the corresponding provisions of the Secured Bond Trust Act, Trust Business Act, Norinchukin Bank Act, Mutual Loan Business Act, Act on Simplification of Banking Business Procedures, etc., Act on Provision, etc. of Trust Business by Financial Institutions, Act on Prohibition of Private Monopolization and Maintenance of Fair Trade, Agricultural Cooperative Association Act, Securities and Exchange Act, Act on Casualty Insurance Rating Organizations, Fisheries Cooperative Association Act, Act on the Cooperative Associations of Small and Medium Enterprises, etc., Act on Financial Businesses by Cooperative, Shipowners Mutual Insurance Association Act, Securities Investment Trust Act, Shinkin Bank Act, Long-Term Credit Bank Act, Loan Trust Act, Medium and Small Fishery Loan Guarantee Act, Credit Guarantee Companies Act, Labor Bank Act, Foreign Exchange Bank Act, Automobile Liability Security Act, Agricultural Credit Guarantee Insurance Act, Act on Financial Institutions' Merger and Conversion, Act on Foreign Securities Brokers, Deposit Insurance Act, Act on the Promotion of Introduction of Business, etc. into Agricultural Regions, Agricultural and Fishery Cooperation Savings Insurance Act, Banking Act, Act on Controls, etc. on Money Lending, Act on Regulation, etc. on Investment Advisory Business Pertaining to Securities, Act on Regulation, etc. for Mortgage Corporations, Financial Futures Trading Act, Act on Regulation, etc. on Advanced Payment Certificate, Act on Regulations of Business Pertaining to Commodities Investment, Act on Special Provisions for the Narcotics and Psychotropics Control Act, etc. and Other Matters for the Prevention of Activities Encouraging Illicit Conduct and Other Activities Involving Controlled Substances through International Cooperation, Act on the Regulation of Business Pertaining to Specified Claims, etc., Act on Revision, etc. of Related Acts for the Reform of Financial System and Securities Exchange System, Act on Preferred Equity Investment by Cooperative Structured Financial Institution, Real Property Specified Joint Enterprise Act, Insurance Business Act, Act on Special Treatment, etc. of Corporate Reorganization Proceedings and Other Insolvency Proceedings of Financial Institution, Act on the Merger of the Norinchukin Bank and the Federation of Credit Agricultural Cooperatives, etc., Bank of Japan Act, or Act on Special Measures, etc. for Merger Procedures Pertaining to Banks, etc. for the Creation of Bank Holding Company revised by this Act (hereinafter referred to as "Current Secured Bond Trust Act, etc.").

(2) The application, notification and other acts that have been addressed to the Minister of Finance or other organs of the State pursuant to the provisions of the Former Secured Bond Trust Act, etc. by the time when this Act enters into force shall be deemed as application, notification and other acts addressed to the Prime Minister or other corresponding organs of the State pursuant to the corresponding provisions of the Current Secured Bond Trust Act, etc.

(3) For the purpose of applying the provisions of the Current Secured Bond Trust Act, etc. to the matters that shall be reported, notified, submitted, or subject to any other procedure addressed to the Minister of Finance or other organs of the State pursuant to the provisions of the Former Secured Bond Trust Act, etc., any such matters for which the relevant procedure has not been completed by the effective date of this Act shall be deemed as matters that shall be reported, notified, submitted or subject to any other procedure addressed to the Prime Minister or other corresponding organs of the State pursuant to the corresponding provisions of the Current Secured Bond Trust Act, etc., but for which the relevant procedure has not been completed.

(Transitional Measures Concerning Penal Provisions)

Article 5 With regard to the application of penal provisions to acts committed prior to the enforcement of this Act, the provisions then in force shall remain applicable.

(Delegation to Cabinet Order)

Article 6 In addition to what is provided in Article 2 to the preceding Article inclusive of the supplementary provisions, necessary transitional measures for the enforcement of this Act shall be provided by a Cabinet Order.

Supplementary Provisions [Act No. 121 of December 12, 1997] [Extract]

(Effective Date)

Article 1 This Act shall come into effect as from the effective date of the Act on the Revision, etc. of Finance-Related Acts Accompanying the Lifting of Prohibition on the Incorporation of Holding Companies, etc. (Act No. 120 of 1997).

Supplementary Provisions [Act No. 107 of June 15, 1998] [Extract]

(Effective Date)

Article 1 This Act shall come into effect as from 1 December 1998; provided, however, that the provisions listed in the following items shall come into effect as from the date specified in the relevant item:

(i) The provision adding a Chapter after Chapter IV of the Securities and Exchange Act (limited to the segment pertaining to paragraph (1) of Article 79-29) and provision revising paragraph (2) and (4) Article 189 of said Act in Article 1, the provision of Article 21, the provision revising Part II, Chapter X, Section 2, Subsection 1 of the Insurance Business Act (limited to the segment pertaining to Article 265-6) in Article 22, the provision of Article 23 and the provision of Article 25, and the supplementary provisions of Article 40, Article 42, Article 58, Article 136, Article 140, Article 143, Article 147, Article 149, Article 158, Article 164, Article 187 (excluding the provision revising item (lxxix) of Article 4 of the Ministry of Finance Establishment Act (Act No. 144 of 1949)) and Article 188 to 190 inclusive of the provisions: 1 July 1998.

(Effect of Dispositions, etc.)

Article 188 Those dispositions, procedures or other acts carried out before this Act (or, for the provisions listed in the items of Article 1 of the supplementary provisions, such provisions) enters into force pursuant to the provisions of the respective Acts prior to the revision (including any orders pursuant thereto; hereinafter the same shall apply in this Article), which are covered by the corresponding provisions of the respective Acts as revised, shall be deemed to have been carried out pursuant to such corresponding provisions of the respective Acts as revised, unless provided otherwise in the present supplementary provisions.

(Transitional Measures for Application of Penal Provisions)

Article 189 With regard to the application of penal provisions to acts committed prior to the enforcement of this Act (or, for the provisions listed in the items of Article 1 of the supplementary provisions, such provisions), and to acts committed subsequent to the enforcement of this Act where the provisions then in force shall remain applicable pursuant to the provisions of the present supplementary provisions, the provisions then in force shall remain applicable.

(Delegation of Other Transitional Measures to Cabinet Order)

Article 190 In addition to what is provided in Article 2 to 146 inclusive, Article 153 and Article 169 of the supplementary provisions, and the preceding Article, necessary transitional measures for the enforcement of this Act shall be prescribed by a Cabinet Order.

(Review)

Article 191 (1) Subsequent to the enforcement of this Act, the government shall, when it finds it necessary, take necessary measures to maintain the credibility of the insurance industry, taking into consideration the status of implementation of the system pertaining to special measures, etc. for the protection of policyholders, etc. under the Current Insurance Business Act and the condition of soundness in management of Insurance companies, among other factors.

(2) In addition to what is provided in the preceding paragraph, the government shall, within five years from the enforcement of this Act, review the financial systems revised by this Act, taking into consideration the status of implementation of the provisions revised by this Act and changing socioeconomic conditions surrounding the financial sector, among other factors, and when it finds it necessary, take required measures based on its findings.

Supplementary Provisions [Act No. 131 of October 16, 1998]

(Effective Date)

Article 1 This Act shall come into effect as from the effective date of the Act for Establishment of the Financial Reconstruction Commission (Act No. 130 of 1998).

(Transitional Measures)

Article 2 (1) The licensing, permission, authorization, approval, Designation and other dispositions, or notice and other acts carried out by the Prime Minister or other organs of the State pursuant to the provisions of the Secured Bond Trust Act, Trust Business Act, Norinchukin Bank Act, Mutual Loan Business Act, Act on Simplification of Banking Business Procedures, etc., Act on Provision, etc. of Trust Business by Financial Institutions, Act on Prohibition of Private Monopolization and Maintenance of Fair Trade, Agricultural Cooperative Association Act, Securities and Exchange Act, Act on Casualty Insurance Rating Organizations, Fisheries Cooperative Association Act, Act on the Cooperative Associations of Small and Medium Enterprises, etc., Act on Financial Businesses by Cooperative, Shipowners Mutual Insurance Association Act, Local Tax Act, Act on Securities Investment Trust and Securities Investment Juridical Persons, Shinkin Bank Act, Long-Term Credit Bank Act, Loan Trust Act, Medium and Small Fishery Loan Guarantee Act, Credit Guarantee Companies Act, Labor Bank Act, Automobile Liability Security Act, Agricultural Credit Guarantee Insurance Act, Act on Earthquake Insurance, Registration and License Tax Act, Act on Financial Institutions' Merger and Conversion, Act on Foreign Securities Brokers, Act on the Promotion of Introduction of Business, etc. into Agricultural Regions, Agricultural and Fishery Cooperation Savings Insurance Act, Banking Act, Act on Controls, etc. on Money Lending, Act on Regulation, etc. on Investment Advisory Business Pertaining to Securities, Act on Regulation, etc. for Mortgage Juridical Persons, Financial Futures Trading Act, Act on Regulation, etc. on Advanced Payment Certificate, Act on Regulations of Business Pertaining to Commodities Investment, Act on Special Provisions for the Narcotics and Psychotropics Control Act, etc. and Other Matters for the Prevention of Activities Encouraging Illicit Conduct and Other Activities Involving Controlled Substances through International Cooperation, Act on the Regulation of Business Pertaining to Specified Claims, etc., Act on Revision, etc. of Related Acts for the Reform of Financial System and Securities Exchange System, Act on Preferred Equity Investment by Cooperative Structured Financial Institution, Real Property Specified Joint Enterprise Act, Insurance Business Act, Act on Special Treatment, etc. of Corporate Reorganization Proceedings and Other Insolvency Proceedings of Financial Institution, Act on the Merger of the Norinchukin Bank and the Federation of Credit Agricultural Cooperatives, etc., Bank of Japan Act, Act on Special Measures, etc. for Merger Procedures Pertaining to Banks, etc. for the Creation of Bank Holding Company, Act on the Liquidation of Specified Assets by Special Purpose Companies, or Act on Revision, etc. of Related Acts for the Financial System Reform prior to the revision by this Act (hereinafter referred to as "Former Secured Bond Trust Act, etc.") shall be deemed as licensing, permission, authorization, approval, Designation and other dispositions, or notice and other acts carried out by the Financial Reconstruction Commission or other corresponding organs of the State pursuant to the corresponding provisions of the Secured Bond Trust Act, Trust Business Act, Norinchukin Bank Act, Mutual Loan Business Act, Act on Simplification of Banking Business Procedures, etc., Act on Provision, etc. of Trust Business by Financial Institutions, Act on Prohibition of Private Monopolization and Maintenance of Fair Trade, Agricultural Cooperative Association Act, Securities and Exchange Act, Act on Casualty Insurance Rating Organizations, Fisheries Cooperative Association Act, Act on the Cooperative Associations of Small and Medium Enterprises, etc., Act on Financial Businesses by Cooperative, Shipowners Mutual Insurance Association Act, Local Tax Act, Act on Securities Investment Trust and Securities Investment Juridical Persons, Shinkin Bank Act, Long-Term Credit Bank Act, Loan Trust Act, Medium and Small Fishery Loan Guarantee Act, Credit Guarantee Companies Act, Labor Bank Act, Automobile Liability Security Act, Agricultural Credit Guarantee Insurance Act, Act on Earthquake Insurance, Registration and License Tax Act, Act on Financial Institutions' Merger and Conversion, Act on Foreign Securities Brokers, Act on the Promotion of Introduction of Business, etc. into Agricultural Regions, Agricultural and Fishery Cooperation Savings Insurance Act, Banking Act, Act on Controls, etc. on Money Lending, Act on Regulation, etc. on Investment Advisory Business Pertaining to Securities, Act on Regulation, etc. for Mortgage Juridical Persons, Financial Futures Trading Act, Act on Regulation, etc. on Advanced Payment Certificate, Act on Regulations of Business Pertaining to Commodities Investment, Act on Special Provisions for the Narcotics and Psychotropics Control Act, etc. and Other Matters for the Prevention of Activities Encouraging Illicit Conduct and Other Activities Involving Controlled Substances through International Cooperation, Act on the Regulation of Business Pertaining to Specified Claims, etc., Act on Revision, etc. of Related Acts for the Reform of Financial System and Securities Exchange System, Act on Preferred Equity Investment by Cooperative Structured Financial Institution, Real Property Specified Joint Enterprise Act, Insurance Business Act, Act on Special Treatment of Corporate Reorganization Proceedings and Other Insolvency Proceedings of Financial Institution, Act on the Merger of the Norinchukin Bank and the Federation of Credit Agricultural Cooperatives, etc., Bank of Japan Act, Act on Special Measures, etc. for Merger Procedures Pertaining to Banks, etc. for the Creation of Bank Holding Company, Act on the Liquidation of Specified Assets by Special Purpose Companies, or Act on Revision, etc. of Related Acts for the Financial System Reform revised by this Act (hereinafter referred to as "Current Secured Bond Trust Act, etc.").

(2) Any application, notification and other acts that have been addressed to the Prime Minister or other organs of the State pursuant to the provisions of the Former Secured Bond Trust Act, etc. by the time when this Act enters into force shall be deemed as application, notification and other acts addressed to the Financial Reconstruction Commission or other corresponding organs of the State pursuant to the corresponding provisions of the Current Secured Bond Trust Act, etc.

(3) For the purpose of applying the provisions of the Current Secured Bond Trust Act, etc. to the matters that shall be reported, notified, submitted, or subject to any other procedure addressed to the Prime Minister or other organs of the State pursuant to the provisions of the Former Secured Bond Trust Act, etc., any such matters for which the relevant procedure has not been completed by the effective date of this Act shall be deemed as matters that shall be reported, notified, submitted, or subject to any other procedure addressed to the Financial Reconstruction Commission or other corresponding organs of the State pursuant to the corresponding provisions of the Current Secured Bond Trust Act, etc., but for which the relevant procedure has not been completed.

Article 3 Any orders pursuant to the provisions of the Former Secured Bond Trust Act, etc. that are effective at the time when this Act enters into effect shall be effective as orders issued pursuant to the corresponding provisions of the Current Secured Bond Trust Act, etc.

Article 4 With regard to the application of penal provisions to acts committed prior to the enforcement of this Act, the provisions then in force shall remain applicable.

(Delegation to Cabinet Order)

Article 5 In addition to what is provided in the preceding three Articles, necessary transitional measures for the enforcement of this Act shall be provided by a Cabinet Order.

Supplementary Provisions [Act No. 102 of July 16, 1999] [Extract]

(Effective Date)

Article 1 This Act shall come into effect as from the effective date of the Act for Partial Revision of the Cabinet Act (Act No. 88 of 1999); provided, however, that the provisions listed in the following items shall come into effect as from the date specified in the relevant item:

(ii) The provisions of paragraph (1) and (5) of Article 10, paragraph (3) of Article 14, Article 23, Article 28 and Article 30 of the supplementary provisions: the day of promulgation;

(Succession of the Status of Employee)

Article 3 Any employee (excluding presidents, chairpersons and members of councils, etc. in Article 8 of the National Government Organization Act (Act No. 120 of 1948), committee members of the Central Disaster Prevention Council, chairperson and committee members of Japanese Industrial Standards Committee, and persons prescribed by a Cabinet Order as being similar to these persons) of the former Prime Minister's Office, Ministry of Justice, Ministry of Foreign Affairs, Ministry of Finance, Ministry of Education, Ministry of Health and Welfare, Ministry of Agriculture, Forestry and Fishery, Ministry of International Trade and Industry, Ministry of Transport, Ministry of Posts and Telecommunications, Ministry of Labour, Ministry of Construction or Ministry of Home Affairs (hereinafter referred to as "Former Office or Ministry" in this Article) at the time of the effective date of this Act shall become the corresponding employee of the Cabinet Office, Ministry of Internal Affairs and Communications, Ministry of Justice, Ministry of Foreign Affairs, Ministry of Finance, Ministry of Education, Culture, Sports, Science and Technology, Ministry of Health, Labour and Welfare, Ministry of Agriculture, Forestry and Fishery, Ministry of Economy, Trade and Industry, Ministry of Land, Infrastructure, Transport and Tourism or Ministry of Environment (hereinafter referred to as "Current Office or Ministry" in this Article), or a bureau or institution established under the Current Office or Ministry prescribed by a Cabinet Order as corresponding to the Former Office or Ministry, or a bureau or institution established after the enforcement of this Act under the Former Office or Ministry to which said employee belongs at the time of the effective date of this Act, with the same working conditions, provided that a separate letter of appointment has not been issued.

(Transitional Measures Provided Elsewhere)

Article 30 In addition to what is provided in Article 2 to the preceding Article inclusive, necessary transitional measures for the enforcement of this Act shall be provided by another Act.

Supplementary Provisions [Act No. 160 of December 22, 1999] [Extract]

(Effective Date)

Article 1 This Act (excluding Article 2 and 3) shall come into effect as from 6 January 2001; provided, however, that the provisions listed in the following items shall come into effect as from the date specified in the relevant item:

(ii) The provisions of Chapter III (excluding Article 3) and the following Article: 1 July 2000;