NAIC appoints Pimco for RMBS rating

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The National Association of Insurance Commissioners (NAIC), the organisation of US state insurance supervisors, has contracted California-based investment management consultancy Pimco to design a modelling framework to determine capital requirements for residential mortgage-backed securities (RMBS).Pimco will be charged with developing price ranges for a six-level risk ranking system to be used by US insurers in their 2009 statutory financial statements to determine the risk-based capital (RB