Moody’s to Snub NAIC Hearings

NAIC

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A little birdy told me that Moody’s is skipping this little shindig (S&P  and Fitch are appearing).

Gee, why might they want to skip a where various state commissioners would have been questioning them on the fabulous job they did rating various CDOs?

See this agenda for their notable omission.

NAIC TO HOLD PUBLIC HEARING ON CREDIT RATING AGENCIES

The National Association of Insurance Commissioners (NAIC) will hold a public hearing on September 24 to discuss the past and future roles of Nationally Recognized Statistical Ratings Organizations (NRSRO). The hearing will examine the role of these credit rating agencies in the insurance regulatory system and what changes may be needed in light of the financial crisis. Representatives of credit rating agencies, insurance companies and pension funds will be invited to testify, as will regulators, consumer representatives, leading academics and industry experts.

Insurance companies hold nearly $3 trillion in rated bonds and the insurance industry constitutes the largest sector of the financial services industry to rely on credit ratings to supervise capital asset adequacy. Insurance regulators currently mandate the use of credit ratings to determine capital reserves and other regulatory requirements for insurance companies.

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