UK insurers’ op risk controls will be supervised in new regime


LONDON – The UK took a further step towards fully integrated risk-based regulation of financial services firms, including insurance companies, with the publication of draft new prudential standards in June.

That means the way insurance companies manage their operational risks, such as fraud, technology and systems failure, will be closely scrutinised by regulators within a framework with close parallels to that proposed for major banks in the Basle II capital accord, say regulators.


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