Insurance firms must consider internal model approach for Solvency II
LONDON - The standout message from regulators speaking at the Operational Risk Consortium (Oric) conference, held in London on June 26, was that insurance firms will need to consider using loss data as a direct input into internal op risk models to ensure regulatory approval under the new Solvency II European risk-based regime for insurers. As most of the audience members and many other UK insurance firms are only using the data as a qualitative input to their scenario analysis-based approach to
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