UK insurance op risk rules could be curtailed by EU indecision
LONDON -- The UK may have to rein in its plans for risk-based regulation of the country’s insurance industry, in which the tackling of operational risks is a major aim, if the pace of reform lags elsewhere in Europe, a senior Financial Services Authority (FSA) official said in May.
The FSA, the UK’s principal financial market watchdog, issued a consultation paper in May putting forward ideas for new risk-sensitive rules governing the capital adequacy of some 900 insurance firms from 2004 (see
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