Spring 2023 Update on the NAIC Initiative Applicable (but Not Exclusive) to Private Equity Ownership of Insurers and Insurer Investment Practices
In August 2022, the National Association of Insurance Commissioners (NAIC) adopted a list of 13 regulatory considerations, constituting its action plan for addressing state insurance regulators’ concerns related to the increasing number of U.S. insurance companies owned by private equity firms. The regulatory considerations set forth in this list are “not exclusive” to private equity-owned insurers, and, accordingly, many of the NAIC initiatives to address these regulatory considerations apply broadly to any insurance company engaged in the specified activities. This memorandum discusses key developments related to this initiative that occurred at the NAIC Spring 2023 National Meeting, which took place on March 21-25, 2023.
