--Joy Wiltermuth
The National Association of Insurance Commissioners is due to disclose the full list of firms vying for a new contract to model credit risks of commercial mortgage-backed securities when it selects a winning bid next week.
The initiative stems from a move to reduce the industry’s reliance on ratings from the major Nationally Recognized Statistical Rating Organizations. The assignment will cover about 7,500 bonds held by U.S. insurance companies and is expected to garner keen interest from independent firms....