UK charts insurance regulations shake-up

LONDON -- UK regulators will expect increased responsibility and accountability from the senior management of insurance firms under a radical new 'risk-based' approach to insurance supervision.

The regulators will also require more openness from an industry hit in recent years by scandals stemming from operational risks such as legal risk, fraud and mis-selling of insurance products.

The Financial Services Authority (FSA), the UK's chief financial market watchdog, said in early October it will

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