Rating agencies took a well-deserved beating last week when theywere called on the carpet by state regulators wary of trustingtheir assessments going forward.
Millions depend on the judgments of these agencies–not justinsurance 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 ofInsurance Commissioners put rating agencies on the hot seat attheir meeting outside of Washington, D.C., because regulatorsdepend on outside evaluations to determine insurer risk-basedcapital requirements.
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