History repeating itself.
Independent is not the first insurance company to have had such a spectacular fall from grace and, despite belonging to what is considered an over-regulated industry, it is unlikely to be the last.
In February 1971, the Vehicle & General went into liquidation,causing no end of damage. We are now confronted with a similar situation
with the collapse of Independent.
You would have thought our regulators would have learned from past
failures and the more recent Drake problem, to prevent this diabolical
loss of face in our industry.
Collectively, we must have spent billions on a compliance regime,
employing armies of accountants and lawyers to strangle our profession,
only to find the public is
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