Senator Warren has asked the U.S. National Association of Insurance
Commissioners (NAIC) to explain how it oversees Wall Street firms’ influence on
insurers and insurers’ bets in private credit. U.S. insurance regulation is
primarily state‑based, with the NAIC aggregating state commissioners and setting
industry standards. Critics say the fragmented regime can tilt the balance
toward insurers, enable forum‑shopping for lax jurisdictions and incentivize
state officials to loosen rules to attract business and tax revenue. Federal
authorities have not entirely exited oversight: Treasury Secretary Bessent met
the NAIC earlier this year to discuss the industry’s private‑credit risk
exposure.
