Indiana eyes more disclosure on insurers’ private credit exposure

Indiana lawmakers are likely to consider requiring more disclosures from insurers about their exposure to private credit funds, a move tied to the state’s role as a backstop for some insurance policies. The push comes as the U.S. Treasury has been convening state insurance commissioners on private credit and the insurance sector.

Treasury said Secretary Bessent and the state insurance commissioners discussed the U.S. life insurance sector, including recent developments in private credit markets, alongside the movement of U.S. life and annuity reserves to offshore jurisdictions. Treasury also said it would 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.

The NAIC said state insurance regulators and staff are monitoring insurer investments in private credit and updating regulatory frameworks, with that work mainly running through the Financial Condition (E) Committee and related task forces and working groups. Beginning in 2026, the Valuation of Securities (E) Task Force will be split into four groups: the Invested Assets (E) Task Force, the Investment Analysis (E) Working Group, the Investment Designation Analysis (E) Working Group and the Credit Rating Provider Due Diligence (E) Working Group.