On August 13, 2022, the National Association of Insurance Commissioners (“NAIC”) Executive (EX) Committee and Plenary adopted the Regulatory Considerations Applicable (But Not Exclusive) to Private Equity (PE) Owned Insurers (the “NAIC List”), which sets forth the NAIC’s action plan for addressing a variety of concerns related to the increasing number of U.S. insurance companies that are owned by private equity firms. The NAIC’s concerns generally relate to a perceived lack of transparency and additional risks inherent in the relationships between insurance companies and owners that are private equity firms or other affiliates or related parties, including with respect to related party investments, structured securities, and other complex assets in which insurance companies have increasingly been investing. The NAIC’s efforts in addressing these concerns are led by the NAIC Macroprudential (E) Working Group (“MWG”), as well as by its parent committee, the Financial Stability (E) Task Force (“FSTF”).