July 31, 2023 (NO COMMENTS)

A proposal that would hand the National Association of Insurance Commissioners the power to overrule ratings set by credit rating agencies has sparked a backlash from insurers and lawmakers. The proposal, put forward in a meeting on May 15, would allow a unit within the NAIC to overrule credit ratings that it believes are “not a reasonable assessment of risk of the security for regulatory purposes” and replace them with its own ratings. The Securities Valuation Office, which put forward the