Change happens
Agreement on Solvency II means insurers across Europe must now prepare their operational risk management and measurement for compliance. David Benyon assesses industry readiness for the new regime and what happens next
Solvency II is the biggest shake-up of the European insurance industry in decades. It also means operational risk will be enshrined in insurance regulation for the first time. Fierce battles preceded the directive's political passing, but those that burned brightest were along national lines - particularly the doomed group support regime. Operational risk attracted comparatively little debate. But
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