10 Oct, 2008, 0705 hrs IST, AGENCIES
TOKYO: Japan's Yamato Life Insurance will file for bankruptcy protection, becoming the first Japanese insurer to fail amid the global credit crisi
s, the financial watchdog said on Friday.
The Tokyo-based company will take necessary legal steps based on insurance law and will seek approval for rehabilitation, the news agency and other media said, quoting informed sources.
The medium-size insurer's debts amount to 269.5 billion yen (2.73 billion dollars), Jiji said.
Telephone calls to Yamato went unanswered, but the company has scheduled a press conference later in the day, Dow Jones Newswires said.
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