ERM Frameworks and Responses to risk [20]

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Bullet points include: Firms required to follow broad principles rather than detailed rules Insurance regulators among innovators E.g. Canada, Switzerland: introduced Swiss Solvency Test (SST) based on stochastic modelling in 2006, UK: FSA principles apply to all firms that they regulate, under discussion in USA Failure to follow principles leads to penalties or supervisory intervention Principles include conduct of business and governance as well as capital requirements

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