NY Insurance Bill Plays Down Rating Agencies' Role

Law360, New York (March 18, 2010, 6:44 PM EDT) -- New York State Assemblyman Joseph D. Morelle has introduced a bill to relieve insurance companies of having to rely on nationally recognized credit rating agencies to determine capital requirements for their financial investments.

The bill, introduced Monday, would allow the New York state insurance superintendent to authorize insurers to analyze investments using an analytical method instead of, or in addition to, ratings from a statistical rating organization.

The proposal is a response to doubts about the ability of traditional rating agencies such as Moody's Investors Service...
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