Insurers protest at Basel II op risk insurance restrictions

REGULATORY UPDATE

LONDON -- Insurance companies keen to profit by selling operational risk coverage to financial institutions hit back hard at the way the Basel Committee on Banking Supervision framed the qualification criteria for such policies under Basel II, in their responses to the third consultative paper (CP3).

Firms that responded to CP3 included brokers Willis and Marsh, insurer Talbot Underwriting and reinsurance company Aon. All are trying to grapple with the ways in which the market for insurance p

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