Aig Europe has launched ten different policies for the risks facing financial institutions.

These include: directors and liability, employment practice liability, pensions trust liability, public offering of securities insurance, civil liability, investment management insurance, comprehensive crime, crime manager for financial institutions, registered person and public offering of securities insurance for individual investment trusts.

Policies are designed to meet the needs of financial institutions in a changing regulatory environment. The emergence of the Financial Service Authority has consolidated the regulatory environment into one body.

As a result, financial institutions are being regulated more closely than ever and need to protect themselves against possible risk in case they are investigated, particularly if they venture into ecommerce.

These products can be available in a package and by themselves and will be marketed under AIG Europe's CorporateGuard banner.

The package will include three value added services:

  • Pre-loss consultancy which will consists of a panel of specialists to help financial institutions with risk management issues
  • Corporate guard seminar on topical issues such as the Turnbull report.
  • A legal helpline which offers insurers immediate expert assistance in the event of a crisis.

    Debbie Ansbacher, vice president of the Financial Line Division, said: "This addresses the critical and potentially career threatening issues facing directors, managers and front line staff which exits for some types of financial services staff and will become more extensive and stringent when the legislation is passed."