One of the more interesting projects state insurance commissioners have on the front burner is a controversial plan to start up another rating agency. The question is whether this is feasible or even a good idea.
The first mention of joining the Big Four–A.M. Best, Fitch Ratings, Moody's Investors Service and Standard & Poor's–came during September's quarterly meeting of the National Association of Insurance Commissioners in National Harbor, Md.
The plan surfaced again in mid-October, when regulators discussed the possibility of starting the new enterprise with the press. In an interview with National Underwriter, New Hampshire Insurance Commissioner Roger Sevigny, president-elect of the NAIC, said the idea was floated before the financial storm that included a government bailout of American International Group.
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