Basel II language issues disadvantage insurance industry
LONDON - A new paper from the Centre for the Study of Financial Innovation (CSFI), A tough nut... Basel II, insurance and the law of unexpected consequences , written by Shirley Beglinger, seeks to explain why insurers have so far had little joy from the Basel Accord, which was designed to provide a new role for insurance as a mitigator of operational risk.
Insurers have not been able to gain any significant opportunity from the implementation of Basel II because it was "written by bankers, primarily for bankers", and demands placed upon insurers were expressed in a way that made it difficult for the insurance industry to meet them. Although Basel II was carefully drafted to eliminate opportunities for abuse by creative bankers, its detail is so
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