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Article: NAIC mulls overhaul of securities credit-rating system; As major bondholders, insurers rely heavily on rating agencies.(National Association of Insurance Commissioners)(Conference news)
- Article from:
- Business Insurance
- Article date:
- September 28, 2009
- Author:
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Byline: MARK A. HOFMANN
The National Assn. of Insurance Commissioners is pushing ahead with an effort to determine whether there are better alternatives to measure the risk of fixed-income securities than conventional credit ratings.
The NAIC's rating agency working group held a daylong public hearing on the issue at last week's fall national meeting at National Harbor, Md. Regulators heard a variety of opinions, but set no timetable to issue a report on the matter.
During an interview at the meeting, Connecticut Insurance Commissioner Tom R. Sullivan, a member of the working group, said reviewing the role of credit rating agencies would be a ...