After Moody's Investors Service declined to attend an upcoming public hearing, the credit rating agency's authorization to rate holdings of insurance companies should be reined in, the New York Insurance Department said. "This is the thing that forces one to ask questions about the role that a company like that can play in our regulatory system," said Hampton Finer, the department's deputy superintendent and chief economist. "We think there should be discussion about whether Moody's will have its authorization status going forward or having it curtailed in some fashion."

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Bloomberg, Reuters

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