NU Online News Service, July 29, 1:52 p.m. EDT
The National Association of Insurance Commissioners (NAIC) is looking for a vendor to model expected insurer losses for commercial mortgage-backed securities (CMBS) in an effort to replicate the process it implemented last year for evaluating residential mortgage-backed securities (RMBS).
The NAIC said it has released a request for proposal (RFP) for a vendor to model expected losses on approximately 7,500 commercial mortgage-backed securities (CMBS) held by insurers as of Dec. 31, 2010. "This process will determine the NAIC designations utilized by insurance companies to calculate the solvency reserves required to cover their CMBS holdings," the NAIC said.
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