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ERM Frameworks and Responses to risk [51]

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Bullet points include: New EU-wide insurance regulatory framework, implementation timing still uncertain “Modern, risk-based, transparent and liberal” framework Key elements: Three Pillars, like other modern financial regulatory frameworks Risk-based capital requirements, either standard formula or internal model, with recognition of merits of diversification and risk mitigation Requires firms to implement a comprehensive risk management framework and other governance enhancements (‘ERM’) Significant changes to public and private disclosures

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