Moody Blues: Insurance Regulators May Bypass Rater after Snub
Once known for its creampuff reputation, the National Association of Insurance Commissioners is mad as hell and not going take it anymore. Moody’s Investors Service, one of the big three credit rating agencies, apparently will not attend the September 24 hearing that the NAIC is holding to review the raters’ dismal performance during the mortgage meltdown. Not smart. The NAIC, collectively, represents the 50-plus insurance commissioners who run the U.S. insurance system, so they are not to be trifled with. And the most important state, New York, where many of the biggest insurers like American International Group and MetLife are regulated, is going one step further. The Empire State’s Deputy Insurance Commissioner Hampton Finer is asking whether Moody’s should have its…
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