Challenges of regulations: More certainty in risk taking
Source: Asia Insurance Review | Oct 2014
Regulators are setting standards that embrace the underlying principles of solvency management, risk management and consumer protection even in Asia. They come in various acronyms too from ComFrame, C-ROSS, FAIR, LAGIC, RBC and Solvency II going alphabetically, and the big boys have concerns about being labelled a G-SII. All this puts insurers under higher accountability and capital standards as well as bringing more certainty to risk taking. So what are the opportunities in these challenges for insurers as they adjust to new realities?
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