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.

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