laundering will help both expeditious processing and relative clarity of concepts as well as definitions. this approach is of particular significance due to the predominant cross - border nature of money laundering operations. similarly, there can be a special chapter in bankruptcy law only in so far as cross - border insolvency issues are involved. such an approach could be considered, keeping in view the uncitral model law. for example, the report of the advisory group on bankruptcy laws enunciates the scope of the special chapter on cross - border insolvency. the chapter applies where assistance is sought in india by a foreign court or a foreign representative in connection with foreign proceedings ; or assistance is sought in a foreign state in connection with proceedings under the laws of india relating to insolvency ; or foreign proceedings and proceedings under the laws of india relating to insolvency in respect of the same debtor are taking place concurrently ; or creditors or other interested persons in a foreign state have an interest in requesting the commencement of, or participating in, proceedings under the laws of india relating to insolvency. finally, the recent experience of enron and arthur andersen gives a new dimension to the institutional dynamics in financial structures and transactions revolving around'conflicts of interests'among the participants and political or diplomatic forces operating at transnational level on matters which should strictly be commercial. conclusion to conclude, the complexities relating to the global financial system in the context of strong national interests continuing to dominate public policy viewed in the light of indian experience warrant, more than a legal basis, emphasis on three aspects, namely ( i ) the standards may be set domestically with a recognition that they have some international dimension also ; ( ii ) the processes of setting, prioritising, incentivising, monitoring and reorienting should be consultative and participative in both domestic and international dimensions ; and ( iii ) effective implementation is a complex and varied process with domestic legal framework being one enabling factor at this juncture.

the depth of content of sfcrs. but it strikes me that some areas could be made more consistent. for example, changes in solvency capital requirement coverage could be broken down to show what is attributable to changes in capital, to changes in modelling and to changes in risk assumptions. insurers need to explain fully to policyholders, investors and others what lies behind their solvency ii ratios. this is particularly true in more complex areas like internal models and the matching adjustment. otherwise we run the risk of a loss of confidence in those numbers in a crisis. now i will turn my attention to risks in the life and general insurance sectors. i will also describe the supervisory work we are doing in response. in different ways, both life and general insurers are adapting to source : ons statistical bulletin : national life tables, uk : 2013 - 2015 https : / / www. ons. gov. uk / peoplepopulationandcommunity / birthsdeathsandmarriages / lifeexpectancies / bulletins / nationallifetablesunitedking dom / 20132015 all speeches are available online at www. bankofengland. co. uk / speeches a world with lower returns on capital. they are also learning how to optimise their activities for the new constraints of solvency ii. put the two together and we can think of a search for yield on solvency ii capital. general insurance risks and supervisory priorities in the general insurance sector, underwriting returns remain soft. on 22 june, i wrote to chief executives with the results of our latest ‘ monitoring the market ’ survey of general insurers. one unsurprising finding was that premium rates had declined in most lines of business. a perhaps more surprising finding was that, on average, london market insurers thought rate adequacy had improved slightly. they appear to be incorporating a more benign view of future losses into their technical pricing. many insurers raised concerns about distribution channels, particularly in the wholesale markets. more generally, our supervisory concerns in the current market include : insurers may be tempted to release too much from prior year reserves to bolster current profits. across the market, reserve releases continue to run at high levels by historical standards. insurers may be underestimating risks, particularly on new business. for example, they may be too sanguine about catastrophe risks, such as significant weather events. terms and conditions are loosen