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Risk lesson for insurers

THE FINANCIAL Regulator has said that insurers must do their "homework" before he hands out "pass marks".

Speaking at the European Insurance Forum 2010 yesterday, Matthew Elderfield said that insurers should study the failures of the banking system and learn from the banks' experiences to "take a sceptical and challenging view" of risk management practices.

He said the country had "started a process of overhauling [its] approach to financial regulation" to bring in a more effective mix of both rules-based and principles-based regulation.