Insurers now face tough new regulations forbidding such practices as dropping people with "pre-existing conditions" (real or trumped up), or putting lifetime caps on coverage.

Robert Kelly, chief executive of BNY Mellon, writes that banking regulation needs a major overhaul and that risk, rather then size, needs to underpin the shape of any new regulatory framework.

Basel New Capital Agreement is the supplement and perfection of the risk management system and has profound effect on the international financial supervisory system.