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

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.