Rating agencies took a well-deserved beating last week when they were called on the carpet by state regulators wary of trusting their assessments going forward.
Millions depend on the judgments of these agencies–not just insurance regulators, but buyers of coverage as well as investors. The only tangible asset rating agencies have is their credibility. Without that, their pronouncements are worthless.
The National Association of Insurance Commissioners put rating agencies on the hot seat at their meeting outside of Washington, D.C., because regulators depend on outside evaluations to determine insurer risk-based capital requirements.
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