Top five op risk loss events in November 2008
1. Loss amount: $456.94 million
Firm: ING Groep
BIS event type: Suitability, disclosure and fiduciary
BIS business line: Insurance (non-BIS)
Nationale-Nederlanden and other ING subsidiaries agreed to spend an estimated $456.94 million to compensate policyholders who paid too much for universal life insurance. In 2006, Dutch market regulator AFM found that companies had improperly spent portions of premiums on costs and commissions while failing to provide customers with sufficient product
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