Members of the National Association of Insurance Commissioners (NAIC) met with U.S. Treasury Secretary Scott Bessent to discuss the growing intersection of private credit and the insurance industry.
The conference provides a forum for state insurance regulators to share insights into their oversight of insurance company risk management and investment practices.
The discussion focused on ongoing, coordinated efforts at the state level to ensure that insurance companies maintain the financial stability needed to meet their long-term commitments to policyholders.
Elizabeth Dwyer, director of the Rhode Island Department of Business Regulation and NAIC president-elect, commented: “As the market rapidly evolves, the nation’s state-based insurance regulatory system continues to lead the way.
“We welcome the opportunity to meet with Secretary Bessant and share how state insurance regulators are leveraging effective oversight and enhanced risk mitigation frameworks to promote stable markets and deliver strong outcomes for consumers.”
The Treasury Department said it will remain highly consistent with its state-led regulatory model, acknowledging the transformation currently taking place in the U.S. life insurance industry and broader private credit trends.
“This administration is a strong supporter of a state-based insurance regulatory system, and I thank each of you for the work you do every day in your states to protect American consumers,” said U.S. Treasury Secretary Scott Bessent.
“Like everyone, my team at Treasury is monitoring the transformation of the U.S. life insurance industry and trends in private credit. I look forward to our continued engagement in monitoring developments in both markets.”
