U.S. DEPARTMENT OF THE TREASURY HOSTS CONVENING WITH STATE INSURANCE COMMISSIONERS ON PRIVATE CREDIT AND THE INSURANCE SECTOR

The following information was released by the Department of the Treasury:

Today, Secretary of the Treasury Scott Bessent met with state insurance commissioners and the National Association of Insurance Commissioners (NAIC). Secretary Bessent and the state insurance commissioners discussed the U.S. life insurance sector, including recent developments in private credit markets, the movement of U.S. life and annuity reserves to offshore jurisdictions, and state and NAIC regulatory responses.

Secretary Bessent emphasized the need for fit-for-purpose regulation that encourages innovation while appropriately managing risk. Treasury and the state insurance commissioners agreed to continue staff- and senior-level engagement on topics including the NAIC's work on risk-based capital, private letter ratings, offshore reinsurance jurisdictions, and the oversight of evolving business models.