NAIC chair considering CMBS ratings snub

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The US National Association of Insurance Commissioners (NAIC) is considering removing nationally recognised statistical rating agencies (NRSROs) from the determination of its commercial mortgage-backed security (CMBS) capital requirements.

In an exclusive interview with Life & Pensions (see p.14), Kermitt Brooks, first deputy insurance superintendant for the New York State Insurance Department in addition to heading the taskforce at the NAIC reviewing the role of NRSROs, said that after evaluati