Committees & Activities

Rating Agency (E) Working Group
Financial Condition (E) Committee

2010 Charge

  • Conduct a comprehensive evaluation of the reliance on nationally recognized statistical rating organization (NRSRO) ratings by the NAIC, the insurance industry and the insurance marketplace. The Working Group will assess and gather information on (a) The problems inherent in reliance on ratings, including the filing exempt process and RBC; (b) The reasons for recent rating shortcomings, including, but not limited to, structured security and municipal ratings; (c) The current and potential future impact of ratings on state insurance financial solvency regulation; and (d) The effect of the use of NRSRO ratings on public confidence and public perception of the quality of insurance regulatory oversight. The Working Group will draft and present a final report documenting the findings and any recommendations for corrective action available to the NAIC and its members, as well as possible regulatory recommendations to the federal government.

Written Materials Submitted for Nov. 18, 2009 Public Hearing-NRSRO Methodology/Policy on Monoline Insurers and the Difference Between the Corporate and Municipal Rating Methodology

AUDIO FILES: Sept. 24, 2009 Public Hearing ROLE OF RATING AGENCIES IN STATE INSURANCE REGULATION

NOTE: Due to technical difficulties at the facility, audio begins approximately 15 minutes after the session begins (see materials for available text).

  • MP3 Audio 1 (24 mins, 11-meg)
    -End of Chris Evangel through Birny Birnbaum
  • MP3 Audio 2 (39 mins, 18-meg)
    -Eric Steigerwalt & Panel 1 Q&A
  • MP3 Audio 3 (63 mins, 30-meg)
    -Panel 2-All Panelists
  • MP3 Audio 4 (60 mins, 28-meg)
    -Most of Panel 2 Q&A
  • MP3 Audio 5 (57 mins, 27-meg)
    -Remainder of Panel 2 Q&A, Mani Sabapathi through Matt Richardson
  • MP3 Audio 6 (68 mins, 32-meg)
    -Heather Brilliant through Michael Macchiaroli & Panel 3 Q&A

Materials*

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The following items are exposed for comment. Please submit comments to the appropriate NAIC staff support contact by the deadline indicated.

Please submit comments by COB Feb. 6 to Richard Newman (RNewman@naic.org), Bob Carcano (RCarcano@naic.org) and Dan Daveline (ddavelin@naic.org).

Draft Report to Financial Condition (E) Committee

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Meeting Minutes
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If you do not know your User ID or password, please contact the NAIC Help Desk.

There are no materials at this time.

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The following are additional documents and resources related the work of this committee.
  1. SEC
  2. President's Working Group
  3. IOSCO
  4. Financial Stability Forum
  5. NAIC Staff Summary of Reports
  6. NAIC Staff Report-Use of Ratings
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Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org.
Richard Newman
Senior Advisor-Credit & Regulatory Unit
Phone: 212-386-1942
Fax: 816-460-7849
Chris Evangel
Managing Director
Securities Valuation Office
Phone: 212-386-1920
FAX: 816-460-7506
Robert Carcano
Sr. SVO Counsel
Securities Valuation Office
Phone: 212-386-1945
FAX: 816-460-7827
Dan Daveline
Assistant Director, Financial Regulatory Services
Phone: 816-783-8402
Fax: 816-460-7547
Please see the current Committee List for a complete list of committee members.