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

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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: