[U.S. Senator Warren Sends Letter to NAIC Questioning Regulatory Loopholes] Odaily Planet Daily News: U.S. Senator Warren is pressuring the National Association of Insurance Commissioners (NAIC) to explain how it regulates Wall Street firms' influence on insurance companies and their bets on private credit. Unlike the banking industry, the regulation of the U.S. insurance industry is primarily led by state insurance commissioners. NAIC brings together all state regulatory agencies as the standard-setting body for the industry. Critics of this fragmented model argue that it creates an imbalance between regulators and insurance companies. One concern is that companies may choose the most lenient jurisdiction. Another concern is that officials may be inclined to loosen rules to attract business and tax revenue to their state. This does not mean that federal authorities are entirely absent from regulation. Earlier this year, U.S. Treasury Secretary Janet Yellen met with NAIC to discuss the industry's exposure to private credit risks.