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UK insurance resolution regime should be ‘drawn broadly,’ government says

By Fiona Maxwell ( January 26, 2023, 12:14 GMT | Insight) -- The UK government today proposed new powers for the Bank of England to act as resolution authority to failing insurers. Its proposed legal scope for the new insurance resolution regime is broad, to attract many insurers in the event of failure, but the finance ministry believes in practice few entities will be affected.A new UK regime to wind up insurers in financial distress should be “drawn broadly” but will in practice not affect the majority of entities, the government proposed today....

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