UK could require more op risk capital from insurance firms from 2004

INSURANCE REGULATION

LONDON -- UK regulators could, from 2004, require insurance firms to hold more protective capital to guard against operational risks under new-risk based rules governing the safety of the UK financial services sector proposed in May by the country’s principal financial watchdog.

And as part of its reform of insurance regulation, the Financial Services Authority (FSA) wants to create a new proactive and risk-based reporting regime for insurance companies "that embraces the concept of ‘smarter

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