Insurers plan operational risk proposals for early November

The firms, grouped together in umbrella organisations such as the Basel Accord Insurance Working Group and the Property & Casualty Insurance Industry Working Group, believe they can allay global banking regulators’ fears that op risk insurance is not really up to the job of quickly and efficiently mitigating operational risks faced by banks.

The Basel Committee on Banking Supervision, the architect of Basel II and the body that in effect regulates international banking, told insurers in June

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