Members of the National Association of Insurance Commissioners (NAIC) have met with U.S. Treasury Secretary, Scott Bessent, to discuss the growing intersection of private credit and the insurance sector.
This meeting provided a forum for state insurance regulators to share insights regarding their oversight of insurers’ risk management and investment practices.
The discussion centred on ongoing, coordinated state level effort to guarantee that insurance companies maintain the financial stability necessary to fulfil their long term promises to policyholders.
Rhode Island Department of Business Regulation Director and NAIC President-Elect, Elizabeth Dwyer, commented: “As markets rapidly evolve, the U.S. state-based system of insurance regulation continues to lead.
“We appreciated the opportunity to meet with Secretary Bessent and share how state insurance regulators are leveraging effective oversight and enhancing risk-mitigation frameworks to promote stable markets and deliver strong outcomes for consumers.”
The U.S. Department of the Treasury signalled strong alignment with the state-led regulatory model, acknowledging the current transformation occurring within the U.S life insurance industry and broader private credit trends.
U.S. Treasury Secretary Scott Bessent, stated: “This Administration is a strong supporter of the state-based system of insurance regulation and supervision, and I appreciate the work that each of you do every day in your states to protect American consumers.
“Like all of you, 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 as we monitor the developments in both markets.”
