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of contractual clauses is also crucial. If the insurers can influence the contract, then
they can do a lot in terms of risk management.
12.2 Independent rating agencies, their business and their role
The term ‘nationally recognized statistical-rating organization’ (NRSRO) was coined
in 1975. At its peak, the US had eight such organizations, but industry consolidation
has cut that to four. Initially, what is now called independent rating agencies started
as publishers of financial data. The eldest on record, Poor’s Publishing, was
established in 1860. In 1941 it merged with Standard ...