Op risk moves up agenda as British regulator wrestles insurance failures
UK INSURANCE
LONDON -- The collapse of UK general insurer Independent Insurance in June amid fears of fraud, shows how necessary it is that a new approach to regulating the insurance industry is adopted and that operational risk is clearly covered by it, say officials within the UK Financial Services Authority (FSA).
They were referring to comments by FSA chairman Howard Davies in July on the need to improve the regulation of insurance companies amid mounting and furious criticism of the FSA, Britain's
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