The National Association of Insurance Commissioners (NAIC) released at the end of last year a  list of CUSIP-level breakpoints for insurance firms to use to determine their capital requirements. The NAIC's list has a set of five breakpoints for every insurer-held bond, each with a corresponding NAIC designation. 

A higher designation would likely mean higher capital charges for CMBS holdings, according to a Barclays Capital report. 

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