The U.S. Department of the Treasury said Secretary Scott Bessent met state insurance commissioners and the National Association of Insurance Commissioners to discuss the U.S. life insurance sector, including developments in private credit markets, the movement of U.S. life and annuity reserves to offshore jurisdictions and state and NAIC regulatory responses, and that Treasury and the commissioners agreed to continue staff- and senior-level engagement on the NAIC’s work on risk-based capital, private letter ratings, offshore reinsurance jurisdictions and oversight of evolving business models, with Bessent calling for fit-for-purpose regulation that encourages innovation while managing risk.
U.S. Department of the Treasury 2026-05-07
U.S. Department of the Treasury agrees to continue engagement with state insurance commissioners on life insurance private credit and offshore reserve transfers
The U.S. Department of the Treasury said Secretary Scott Bessent met state insurance commissioners and the National Association of Insurance Commissioners to discuss the U.S. life insurance sector, including private credit markets, offshore movement of life and annuity reserves, and regulatory responses. Treasury and the commissioners agreed to continue engagement on the NAIC’s work on risk-based capital, private letter ratings, offshore reinsurance jurisdictions and oversight of evolving business models, with Bessent emphasizing regulation that supports innovation while managing risk.