NEW YORK–South Carolina's insurance director yesterday told a conference arranged by a major insurance rating firm that rating agencies create big headaches for regulators.
"I have to tell you that the rating agencies have created a huge problem for regulators," said South Carolina Insurance Director Scott Richardson, speaking at a luncheon during the Standard & Poor's Insurance-Linked Securities Conference here.
Mr. Richardson went on to suggest that the way in which rating agencies incorporate the results of catastrophe models into their rating analyses puts pressure on regulators to approve huge rate hikes for insurers that are impacted by rating agency requirements.
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