Arthur Andersen and insurance broker Frank Crystal & Co. are offering a joint program to reduce risks and costs for fund industry participants.

The Insurance Premium Discount Program provides an insurance reduction of up to 10 percent for funds, their board members and others who use Arthur Andersen's Investment Management Business and Regulatory Consulting services which attempts to reduce operational and compliance risks.

The Arthur Andersen services include mock Securities and Exchange Commission exams, fund directors' training and internal audit programs. Arthur Andersen officials said the program has the benefit of helping clients assess risks and reduce costs.

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