Independent collapse highlights Basle II op risk insurance dilemma
LONDON -- Some of the concerns of banking regulators about the effectiveness of insurance cover when operational disaster strikes a company could be illustrated by the plight of Independent Insurance, the UK general insurance group that collapsed in June amid suspicion of fraud.
Independent apparently had an insurance policy covering fraud and negligence by the company's directors, but there has been no early payout and the terms of the policy seem uncertain.
Regulators with the Basle Committee
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