On September 10, 2026, Senator Elizabeth Warren, ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the National Association of Insurance Commissioners (NAIC) that included an extensive list of questions targeted toward assessing state insurance regulators’ efforts to address risks arising from the growing ties between private investment firms and insurance companies. The stated goal of the letter was to obtain information to assess what actions both state and federal regulators must take to ensure that American families are protected. On September 24, 2026, the NAIC responded with a comprehensive 22-page letter defending the state-based regulatory framework and surveying the various efforts underway to strengthen oversight of complex investments and asset structures.