Warring Watchdogs: NAIC and FIO

By Kerry Pechter

'The Federal Insurance Office conflicts with the states’ role as primary regulators, complicates their engagement with fellow insurance regulators globally, [and] duplicates data collection from our industry,' said state insurance commissioners in asking Congress to eliminate the FIO.

The NAIC, the FIO and the ‘Bermuda Triangle’

By Kerry Pechter

The Federal Insurance Office has issued warnings about the ties of private equity-led life insurers to 'shadow banking' and 'shadow insurance.' Why do state insurance commissioners want to shoot the messenger?

Slow-Walking the Oversight of Insurers and CLOs: 2010 – 2025

Committees at the National Association of Insurance Commissioners since 2014 have been studying how best to regulate the purchase of collateralized loan obligation tranches by life/annuity companies from asset managers who own them. "No uniform binding regulatory overhaul has been enacted," says ChatGPT, which provides a timeline of NAIC activity on CLOs.

CLOs: The 4th Leg of the ‘Bermuda Triangle’

By Kerry Pechter

Ownership of life/annuity companies has given PE companies a tool for tapping the virtually bottomless pool of tax-deferred U.S. retirement savings for their high-profit, lightly-regulated private credit businesses.

A Primer on Collateralized Loan Obligations, from ChatGPT

By Kerry Pechter

CLOs have boosted the yield of the general accounts of private equity-led life/annuity companies over the past decade. ChatGPT explains CLOs, using Apollo/Athene as an example.

Data Connection: Data Connection

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