SCOTTSDALE, Ariz.–The Illinois state insurance regulator attacked rating agencies as having undue influence yesterday during a session at a national conference of insurance and reinsurance carriers.
Illinois Insurance Director Michael McRaith made his comments during a panel on “The Impact of Risk Models and Rating Agencies,” presented at the annual meeting here of the Property Casualty Insurers Association of America (PCI).
“We need to change the prominence of rating agencies,” according to Mr. McRaith, who mentioned that one insurer–which he did not identify by name–had been “thrown into runoff by an unwarranted downgrade.”
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