Insurers seek a united front to put the case for Op Risk insurance

The body would put the insurance industry's case both to banks and to the global banking regulators who have proposed a new capital adequacy accord - Basel II - for large international banks. Basel II will require banks, from 2004, to reserve capital for the first time against losses from operational hazards such as fraud, computer-system failures and trade settlement foul-ups.

The Basel Committee of banking supervisors from the Group of 10 leading economies, the body that in effect regulates

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