NU Online News Service, Aug. 14, 10:10 a.m. EDT
A government proposal in the United Kingdom to reform the type of employee compensation that led to the current economic meltdown could be detrimental to insurers if regulators are not careful about how the new rules are applied, a London-based industry association warned.
While there is still work to be done on the code, "great care needs to be taken to avoid reading across from banks to insurers and asset managers, whose businesses are substantially different in nature and pose much less risk to overall financial stability," said Peter Montagnon, director of investment affairs at the Association of British Insurers.
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