Sigor finalises guidance on insurance as a mitigant
Guidance expected from the Basel Committee will make it more difficult for banks to claim capital relief through the use of insurance.
The insurance working group of the Basel Committee's standards implementation subgroup on operational risk (Sigor) is compiling responses from a consultation paper that looks at the use of insurance as an operational risk mitigant. Despite a limited consultation with just 60 industry players, Sigor receieved more than 600 separate comments.The consultation period closed at the end of January 2010 but the overwhelming response means the publication of a final paper has been delayed.
The guidance
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