Dominion To Join NAIC Stable Of Rating Firms

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By Jim Connolly

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NU Online News Service, Oct. 22, 1:40 p.m.EDT?Regulators have decided to recommend that DominionBond Rating Service, Toronto, be recognized as a ratingorganization for purposes of rating bonds filed with the SecuritiesValuation Office of the National Association of InsuranceCommissioners.

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The New York arm of the NAIC, based in Kansas City, Mo., iswhere companies file securities that they purchase for theirinvestment portfolios.

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Dominion would receive the status of Nationally RecognizedSecurities Rating Organization, similar to other rating agenciesincluding Fitch Ratings, Standard & Poor's Corp., and Moody'sInvestors Service.

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The SVO oversight working group agreed that the status shouldbecome effective immediately. Wording will be developed for theNAIC purposes and procedures manual later this year, and systemswould be adjusted in 2004 to reflect this change.

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During the discussion, it was noted that if Dominion's statuswas not automatically reflected in the SVO's system, a financialexaminer would just request affirmation from the company. Thecompany could receive written confirmation of the rating fromDominion.

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Dominion Bond Rating Service is a credit rating agencyestablished in 1976.

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Mr. Connolly is a senior editor with NU's Life-HealthEdition

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