Advisory on confidentiality of supervisory ratings.The federal banking and thrift institution Thrift institution An organization formed as a depository for primarily consumer savings. Savings and loan associations and savings banks are thrift institutions. regulatory agencies issued on February 28, 2005, an interagency in·ter·a·gen·cy adj. Involving or representing two or more agencies, especially government agencies. advisory to remind financial institutions that they are prohibited by law from disclosing their CAMELS rating and other nonpublic supervisory information without permission from the appropriate federal banking agency. The advisory is prompted by insurers who have requested or required banks and savings associations to disclose their CAMELS rating during the underwriting process for directors and officers liability coverage. As a result of actions by insurers, the agencies have requested the assistance of the National Association of Insurance Commissioners The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. in notifying insurance companies that the practice of requesting or requiring CAMELS ratings Supervisory rating of the bank's overall condition is commonly referred to as a CAMELS rating. This rating is based on financial statements of the bank and on-site examination by regulators like the Fed, the OCC and FDIC. should be discontinued. |
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