The Bank of England and the Financial Services Authority (FSA) have said that the UK's new prudential regulator will emphasise judgement, new risks and the different needs of individual businesses when regulating insurers.
The lengthy document about the Prudential Regulation Authority (PRA), which will come into being at the start of 2013, also stressed that the regulatory authorities have grasped the industry cliché that insurance and banking are very different.
"Our approach will be very clearly based on judgement rather...
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