Nationally recognized statistical rating organization

So for insurers listening, why should that matter as much as a rate table full of decimal points?

Because it means that the rating you get from the NRSRO is not necessarily the last word anymore.

If the staff at the ASVO flag a security, then that designation and that capital charge that's attached to that designation could change.

And when you compare that with the new CLO factors we just talked about that are more sensitive to tail risk, you can see that the NAIC is building towards a more hands-on, maybe even we could say skeptical posture towards structured credit in general.