An official with the New York State Insurance Department is suggesting that managers of a mortgage-backed securities valuation program analyze the securities twice a year, at least for now.
Matti Peltonen of the New York State Insurance Department has written to recommend that the Valuation of Securities Task Force at the National Association of Insurance Commissioners, Kansas City, Mo., consider having residential mortgage-backed securities, commercial MBS, and similar classes of assets modeled twice a year, rather than once a year.
The task force decided in December 2009 to keep using a temporary approach to evaluating RMBS and similar securities while the NAIC is developing a permanent solution.