Industry picks holes in BCR proposals
The International Association of Insurance Supervisors has the unenviable job of devising the first international capital standard. Its initial proposals seek a middle way between the demands of local policy-makers, regulators and insurance companies, but treading such a course won’t keep everyone happy. Louie Woodall reports
The Rorschach test is a psychological assessment where individuals’ interpretations of inkblots are assessed to tease out personality characteristics and emotional processes. In today’s bamboozling regulatory environment, the basic capital requirement (BCR) is the insurance world’s answer to the Rorschach test: each person who tries to explain it ends up saying something different – and saying something about themselves in the process.
According to the International Association of Insurance
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