NAIC To Hold Hearing On Use Of Catastrophe Modeling By Rating Agencies

 

The following bulletin was just issued by the National Association of Insurance Commissioners (“NAIC”) regarding catastrophe modeling by rating agencies:

 

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MEDIA ADVISORY

NAIC HEARING ON USE OF CATASTROPHE MODELING BY RATING AGENCIES

Third in Series to Seek Solutions, Stability

KANSAS CITY, Mo. (Nov. 20, 2007) — In order to better understand the impact of financial rating agencies on catastrophe insurance markets, the National Association of Insurance Commissioners (NAIC) will hold a public hearing on the use of catastrophe modeling by rating agencies.

Hosted by the NAIC’s Property and Casualty Insurance (C) Committee, this hearing is the third in a series aimed at addressing the availability and affordability of insurance. The first hearing focused on insurance issues in the Gulf Coast region; the second hearing addressed the regulation of catastrophe modeling vendors.

WHAT:    Public Hearing — Use of Catastrophe Modeling by Rating Agencies

WHEN:    3 – 5 p.m. Saturday, Dec. 1, 2007

WHERE:  Hilton Americas — Houston
                Lanier Grand Ballroom E— Level 4
                1600 Lamar St.
                Houston, TX 77010

Registration for the national meeting is not required in order to attend this hearing. For more information about the Winter National Meeting, please visit the NAIC Meetings and Events page at www.naic.org/meetings_home.htm.

About the NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at www.naic.org/press_home.htm.

 

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