Basel II principles can fit insurers, UK regulator says
INSURANCE
LONDON -- UK regulators believe the principles of risk-based regulation embodied in the Basel II bank pact can be applied successfully to insurance companies, the UK’s chief financial regulator said in July.
Insurance companies are different from banks, but the "conceptual framework" of the risk-based Basel II bank capital adequacy accord can fit insurers, UK Financial Services Authority (FSA) chairman Howard Davies said at the FSA’s annual meeting in London in July. The FSA is the UK’s
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