NU Online News Service, Oct. 8, 4:01 p.m. EDT

The National Association of Insurance Commissioners is preparing to vote on a proposal that would end regulators' exclusive reliance on rating agencies for determining risks associated with insurers' residential mortgage backed securities investments.

The proposal, said Michael Moriarty, deputy superintendent of the New York State Insurance Department, would have the NAIC contract with vendors to evaluate the risks. Several analytical firms, including BlackRock, Inc., PIMCO, and others, have met with the NAIC and indicated they could complete the necessary work before the NAIC's Dec. 31 deadline, Mr. Moriarty said.

Recommended For You

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.