The National Association of Insurance Commissioners says it will keep secret the names of bidders competing for a contract to assess the disputed value of insurers' mortgage-backed securities.
The NAIC said the contract to help evaluate the securities had gone to PIMCO, a global investment management firm based in Newport Beach, Calif.
However, the NAIC provided no financial details, and would not reveal what the winning bid was or the names of any other bidders, despite the objections of a major consumer group.
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
Already have an account? Sign In Now
© 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.
