NAIC decision to stop using rating agencies for RMBS heralds major change for US insurance industry

Concern by the NAIC over the veracity of rating agencies’ analysis of insurers’ RMBS holdings is leading to a shake-up in how these organisations are used in the US. Is this pattern set to be followed in Europe?

charlie-mccreevy

The European Commissioner for the internal market and services, Charlie McCreevy, was perhaps the most outspoken of the many regulators and politicians to have criticised the role rating agencies played in the 2008-09 financial crisis.

“There is widespread agreement that rating agencies contributed in a significant way to the financial crisis [by] giving excessively high ratings to dodgy products. And what is worse, [they] did so knowingly,” he said in a speech in May last year, before going on

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The future of life insurance

As the world constantly evolves and changes, so too does the life insurance industry, which is preparing for a multitude of challenges, particularly in three areas: interest rates, regulatory mandates and technology (software, underwriting tools and…

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