Statement on Moody's Decision to Participate in Thursday's Hearing on the Credit Rating System

Statement by New York Insurance Superintendent James J. Wrynn

NEW YORK, NY (09/21/2009)(readMedia)-- I am pleased that Moody's has decided to participate in Thursday's NAIC hearing on the credit rating system. Correcting the mistakes that led to the financial crisis is in everyone's interest, and insurance regulators will benefit from the rating agencies' insight as we work to keep the insurance industry strong and protect policyholders.

(Note to editors: Superintendent Wrynn is co-chair of the National Association of Insurance Commissioners (NAIC) Rating Agency Working Group, which is holding Thursday's hearing.)