By Leika Kihara and Takahiko Wada

TOKYO, Oct 12 (Reuters)Japan must swiftly revise laws to allow the central bank to issue a digital currency, a move that could provide a chance to reform the Bank of Japan’s existing mandates and enshrine its inflation target, a senior ruling party official said on Monday.

Kozo Yamamoto, head of the Liberal Democratic Party’s (LDP) council on financial affairs, said the BOJ risked being overtaken by private players who could launch their own digital currencies that could undermine the yen.

“If something too convenient pops up from the private sector, people might start to doubt whether they need yen as a currency unit. We must prevent this from happening,” he said. “This is fundamentally about protecting Japan’s currency sovereignty.

Yamamoto said he would prod the government and relevant agencies to speed up efforts to draft a revised BOJ law and other necessary legislation for issuing central bank digital currencies (CBDC).

However, more broadly, Yamamoto has been a vocal advocate of making changes to the BOJ law, which sets out the central bank’s mandates.

Revising the law to include digital currencies would also present a good opportunity to make other changes such as adding an inflation target and job creation to the mandates, much like the U.S. Federal Reserve, he added.

“The new law should also clarify that 2% inflation is the BOJ’s policy target,” he told Reuters.

The BOJ does currently set 2% as its inflation target, introduced in 2013. But the target is not stipulated under the BOJ law, which says only that its role is to ensure Japan’s price moves and financial system are stable.

Central banks globally have been reviewing their strategic goals, with the European Central Bank widely expected to follow in the footsteps

Press release content from Accesswire. The AP news staff was not involved in its creation.

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By Kaori Kaneko and Izumi Nakagawa

TOKYO (Reuters) – Japan may need to consider compiling another extra budget to help its economy if the current reserve fund is not enough to respond to the coronavirus pandemic, a senior ruling party lawmaker said on Friday.

Hakubun Shimomura, the policy research council chief for the Liberal Democratic Party (LDP), said the reserve would likely be enough to cover support for the economy in 2020. A third extra budget could come as early as next year if reserve funds become insufficient.

“If 10 trillion yen of budget reserve is not enough, the government may need to compile a third extra budget,” Shimomura said in an interview with Reuters.

Japan’s economy suffered its biggest slump on record in the second quarter due to impact of the coronavirus. To soften the blow, the government has delivered two stimulus packages this year totalling 234 trillion yen ($2.21 trillion), or about 40% of Japan’s gross domestic product.

The government is tapping a pool of funds, set aside under the packages, to meet the cost of battling the pandemic. But some lawmakers are calling for another spending package as the economic pain persists.

Shimomura said that the party was not discussing a possibility of cutting the sales tax, which the government raised to 10% last October from 8%.

Nor had the party discussed whether the BOJ should cut its already negative interest rates further, Shimomura said, but he believed the party’s research commission on the finance and banking systems would discuss the issue.

The Bank of Japan has ramped up stimulus twice so far this year and created a lending facility to channel funds via banks to cash-strapped smaller firms.

Shimomura dismissed speculation that Prime Minister Yoshihide Suga would call a snap election to secure his own mandate

ERIE, Pa., Oct. 8, 2020 /PRNewswire/ — Erie Insurance (NASDAQ: ERIE) today announced a series of senior leadership changes within the Claims, Sales & Products and Information Technology divisions.

Erie Insurance. (PRNewsFoto/Erie Insurance) (PRNewsfoto/Erie Insurance)

The organizational changes are in conjunction with the January 2021 retirement of Chris Zimmer, senior vice president, Claims. Zimmer has been with Erie Insurance for 29 years in a variety of leadership roles.

Cody Cook will succeed Zimmer in the role of senior vice president, Claims. Cook has been ERIE’s senior vice president, Personal Products, since 2017. He previously served as vice president, Private Passenger Auto, for seven years. He started at ERIE in 2003 as an actuary and was promoted to supervisor of the Pricing and Modeling section in 2009.

Ruben Fechner will become senior vice president, Personal Products. Fechner joined ERIE in 2013 as senior vice president, Business Application & Support, Information Technology. He previously worked for The Hartford, where his most recent role was vice president of Commercial, Sales and Distribution Technology. He began his career at USAA, where he held a variety of leadership and technology roles over a 20-year period.

David Edgerton will be promoted to senior vice president, Information Technology. Edgerton has been vice president of Personal Lines Technology since 2018. He came to ERIE in 2014 as an IT delivery manager and was promoted to IT director in the Finance area in 2015. He served as IT director in Personal Lines technology from 2017 until he assumed his current role.

Edgerton earned a bachelor’s degree in civil engineering from Auburn University and an MBA from Poole College of Management at North Carolina State University. Before joining ERIE, he served in the United States Navy for 20 years, attaining the rank of lieutenant commander.

The new leadership appointments

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS), today announced the hiring of four experienced underwriters to its U.S. Management Liability team. Christina Segreti, Drew Kushnick, Matthew Holzinger and Sherry Alexakis have joined AXIS as Senior Underwriters to help support the Company’s profitable growth in the Management Liability market.

“The growth and evolution of our Management Liability team is in response to increased demand in the market and our desire to continually enhance our underwriting capabilities to reflect the changing needs of our brokers and clients,” said Mark Paccione, Head of Commercial Management Solutions at AXIS Insurance. “Christina, Drew, Matthew and Sherry are all experienced Management Liability underwriters who will help us develop propositions that address the challenges and threats faced by businesses and their executives. I am excited to work with them and for our team to benefit from their experience and market knowledge as we advance our Management Liability offering.”

Ms. Segreti will work across Management Liability lines, including public and private Directors and Officers Liability (D&O), Employment Practices Liability (EPL), Fiduciary Liability and Crime coverages. She was most recently a Broker for Property & Casualty lines at Gallagher. Previously, Ms. Segreti focused on Management Liability insurance products as a Client Service Associate at Marsh & McLennan and as a Financial Products Underwriter at Great American Insurance. She began her career at Morgan Stanley Wealth Management as a Client Service Associate.

Mr. Kushnick’s work will also span across Management Liability lines, including public and private D&O, EPL, Fiduciary Liability and Crime coverages. Prior to AXIS, he was a Senior Underwriter at Chubb Insurance, evaluating and underwriting professional liability lines for private companies and large-scale nonprofits. He began his career in insurance at Chubb as a Financial Lines Underwriter.