An NAIC plan to second-guess bond ratings is ‘nonsensical’, insurers say

Proposal to create “quasi rating agency” at regulatory body sparks backlash from industry and US Congress

land grab
Critics have accused the NAIC of a “landgrab” over its new proposals for credit ratings

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

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