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Britain to Create New Regime to Deal With Big Insurance Company Failures

August 7, 2023

Britain said on Wednesday [Aug. 2] it would start work on setting up new rules specially designed to prevent a big insurance company collapse from crashing the financial system.

Regulators have already introduced rules to deal with ailing banks after global financial crisis more than a decade ago left taxpayers picking up the bill. But no such specifically tailored regime currently exists in Britain to deal with failures in the country’s insurance industry, which is the fourth largest in the world.

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