NY regulator says we rely too much on S&P and Moody’s
New York’s insurance regulator Kermitt Brooks has said regulators are too dependent on ratings firms and need alternatives to Standard & Poor’s and Moody’s, Bloomberg reports.
“We’ve relied too much on rating agencies and in fact, in certain areas, we’re relying exclusively on rating agencies,” Brooks said.
Brooks, who was named the state’s acting insurance superintendent this month, said he’s considering “a lot of ideas,” including expanding the capacity of regulators to conduct their own credit analysis.
“When it comes to some of the structured securities, we felt like there was an over-reliance on just their analysis, and we kind of want to change that going forward,” Brooks said. “We’re going to have to expand the sources of analysis.”
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