Insurance Companies Offer To Protect Banks Against Year 2000 Problem
INSURANCE companies have started to offer polices to protect financial institutions against the potential damage caused by the Year 2000 problem -- the danger that legacy computer systems will come crashing to a halt at the end of the century.
However, the initiative has met with mixed reactions from industry observers. The Year 2000 insurance policies require an audit of banks' systems in order to determine premiums -- and these audits alone cost a hefty non-refundable fee.
Scott Broome, senior
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