ERM Frameworks and Responses to risk [53]

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Bullet points include: Concern that Regulatory and economic capital have become disjoint No level playing field within Europe Current system does not allow for / encourage diversification, risk mitigation and effective risk management Experience of failures in European insurance companies and worries caused by drop in equity markets in early 2000s Concern to have framework that is reasonably uniform across sectors To reduce risk of regulatory arbitrage

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