Synopsis Universal banks are generally large banks with an extensive branch network that provide many financial services and are engaged in commercial banking, investment banking, securities and insurance, as seen in the US, Europe, Japan and India. Now, there is a move to move towards a more integrated firm-wide approach to financial risk management, across business lines and different types of risks. The same convergent forces have also resulted in greater convergence in prudential frameworks. The process, spearheaded by the Basel Committee on banking supervision, covers securities regulators and insurance supervisors. Now, an effort is on to move towards a more integrated firm-wide approach to financial risk management, across business lines and across different types of risks. However, in insurance, the process has not gone much far, as this book reveals.