Moody’s Investors Service says it will be introducing a formal risk management assessment process for insurers.

Moody’s, New York, introduced “RMA” methodology in July 2004, but says it believes banks are ahead of insurers when it comes to taking a broad approach to analyzing and managing risk.

European insurers seem to be ahead of U.S. insurers, in part because of the new solvency regulations taking shape in Europe, Moody’s says.

Moody’s notes that it has published Web comments for insurers on the topic and that the comments emphasize the importance of conservative measurement and transparent reporting of risks.