NAIC Policy & Private Credit Update: Key Market and Regulatory Developments

Private credit continues to attract capital and attention, but the market is entering a new phase marked by greater regulatory scrutiny, evolving investor expectations, and increasingly complex credit dynamics. At the same time, the National Association of Insurance Commissioners (NAIC) is advancing several significant policy initiatives that could reshape how insurers evaluate, report, and allocate capital to private credit and structured finance investments.

Join our panel of industry specialists for a timely discussion on the market trends and regulatory developments shaping private credit and insurance investment portfolios. We'll examine evolving credit conditions, emerging sources of risk and opportunity, and key NAIC initiatives that could influence capital allocation, portfolio construction, and investment strategy in the years ahead.

Key topics include:

• Trends and risks shaping today's private credit market
• AI-driven disruption, software-sector exposure, and refinancing challenges
• The NAIC's new rating agency due diligence framework
• RBC developments and structured finance regulatory initiatives
• Emerging regulatory focus areas, including multi-collateral financing structures and embedded ALM risk
• Implications for insurance investment strategy and portfolio construction

Speakers

Dallin Merrill

Head of Policy
Structured Finance Association

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Lawrence R. Hamilton

Partner
Mayer Brown

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Ramki Muthukrishnan

Head of Americas Specialized Finance, Private Credit & Financial Institutions
S&P Global Ratings

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David Knutson, CFA, FRM, CMT

Head of Industry Outreach, Chief Client Office
S&P Global

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