Few organizations are able to track the changing landscape.
Fewer understand why it matters.
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Bridgeway monitors the regulatory landscape and provides forward-looking assessments to help the insurance community anticipate change—not just react to it.
250+
Guideline repositories that govern U.S. Insurers are monitored.
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16 of the largest 20
U.S. insurers
25+
U.S. states, federal, and national rulemaking bodies
10 of the largest 20
asset managers
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navigate the landscape?
Our latest insights - with much more to be found in News & In Print
A LIVE WEBINAR: The NAIC’s Investment Risk Oversight Continues to Evolve
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Join the AIF Institute Center for Insurance Investing, in collaboration with Bridgeway Analytics, on May 15, 2026, for a 📌 live webinar exploring developments in investment oversight. Wisconsin Insurance Commissioner and Chair of the NAIC Financial Condition (E) Committee, Nathan Houdek, alongside Bridgeway Analytics CEO and AIF Institute Fellow Amnon Levy, will explore the most recent developments with investment guidelines and the NAIC’s aspirations to modernize oversight, including:
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The Designation process, private credit, and Private Letter Ratings, including staff discretion and a due diligence framework over rating-based Designations.
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Revisions to RBC, including the treatment of CLOs, collateral loans, and investment funds.
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Other significant developments, including
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A model governance framework for future change to RBC
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The treatment of assets supporting offshore reinsurance transactions
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Funding Agreements
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The NAIC’s Investment Risk Oversight Continues to Evolve
Date: Friday, May 15 2026
Time: Noon ET
📌 Register here to secure your spot
NAIC 2026 Spring National Meeting Update:
Advancing RBC Governance, Designations, & Classification Reform
Insurers’ business models and portfolio strategies continue to evolve, and the NAIC’s investment oversight framework is evolving with them. The 2026 Spring National Meeting highlighted continued movement from broad regulatory ambition toward implementation across several interrelated initiatives, with key developments that included:
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Ongoing refinements to the reporting and accounting guidance.
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Continued efforts to govern the use of agency and private ratings in the Designation process.
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Further work to differentiate Risk-Based Capital (RBC) treatment across asset classes and structures, particularly for collateralized loan obligations (CLOs), investment funds, and collateral loans.
In parallel, the NAIC’s modernization agenda is moving toward operationalization as Commissioners explore processes and governance for changes to RBC, and as development of a due diligence framework to oversee the use of agency ratings in Designations continues.
This report reviews these developments, explains how the various initiatives interact, and highlights practical considerations for insurers navigating an increasingly connected and evolving regulatory landscape.
We hope you find this resource helpful
It is consistent with our goal of bringing value to our community
About the Authors
Amnon Levy serves as the CEO of Bridgeway Analytics
Brett Manning is a Senior Technical Advisor at Bridgeway Analytics
Nitsa Einan is Bridgeway Analytics’ Chief Legal & Product Officer
Directions for the US Insurance Policy after the NAIC's Spring Meeting
In this latest Insurance Asset Risk thought piece, Amnon Levy explores developments from the National Association of Insurance Commissioners (NAIC)'s 2026 Spring National Meeting in San Diego, California, where the interconnected investment oversight framework, with Risk-Based Capital (RBC) as a central component, was again at center stage. As highlighted in NAIC President Scott White's March 23, keynote address, there has been significant progress, much of it under the rubric of the Insurer Investment Framework adopted in 2024, making sure the framework keeps pace with how insurers are investing, accounting for newer or emerging asset classes, and offshore reinsurance arrangements. The national meeting moved several strategic initiatives forward, including Commissioners' desire to develop a process to prioritize updates to the framework and to tactical initiatives, such as developing a model to differentiate Life RBC treatment of collateral loan obligations (CLOs) and ongoing efforts to increase transparency with private assets investments.
NAIC’s Investment Risk Oversight is Evolving at an Accelerated Pace
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Join Bridgeway Analytics CEO and AIF Institute Fellow Amnon Levy and Insurance CIO at Neuberger Berman, Stephen Smith, as they provide a comprehensive update following the NAIC 2025 Fall National Meeting. They will explore the NAIC’s aspirations to modernize investment risk oversight and discuss the potential impact of regulatory changes on investment strategies.
NAIC’s Investment Risk Oversight is Evolving at an Accelerated Pace
Date: Tuesday, January 27, 2026
Time: 12:00 p.m. ET
📌 Register here to secure your spot
The NAIC is rapidly advancing its investment risk oversight framework, aiming to modernize regulatory approaches in response to evolving market dynamics. These developments have significant implications for insurance investors, particularly concerning asset classifications, the use of agency ratings, and Risk-Based Capital (RBC) requirements.
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Developing a governance framework overseeing future changes to RBC
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Agency & private ratings
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The latest on CLO Designations & life RBC
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Life RBC covariance: Implications for investment strategies, including common stock
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RBC differentiation–investment funds, non-bond debt,… & the bond project
To provide timely insights into these changes, the AIF Institute Center for Insurance Investing, in collaboration with Bridgeway Analytics, is hosting an exclusive live webinar.
NAIC's Vision for Investment Oversight Takes Shape
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In his latest Insurance Asset Risk article, Amnon Levy explores the NAIC's ongoing efforts to modernize oversight, ensuring sufficient transparency and consistent treatment across insurers' evolving business practices and their risks. The initiatives are significant, notably focusing on evolving investment practices:
Initiatives to address specific limitations and known issues that regulators have flagged. Strategic initiatives aimed at developing a governance framework for Risk-Based Capital (RBC) and a due diligence framework for the use of agency ratings in the Designation process.
In the Article, Amnon explores recent developments, including the adoption of principles for RBC, underscoring the vision for broader, long-term changes to come, and efforts to develop a due diligence framework overseeing the use of agency ratings. He also explores what's next on the horizon.
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Disclosure. The NAIC is engaging Bridgeway Analytics to help develop an RBC model governance framework. Bridgeway's role is to help collect and synthesize viewpoints, which may include Bridgeway's own, for the NAIC committees to ultimately choose. Bridgeway Analytics’ mission includes supporting the regulatory community in navigating increasingly complex capital markets through objective analysis and opinions informed by data, models, research, and discussions with market participants, NAIC staff, and federal and state rule makers. Bridgeway’s coverage of the initiative can be found on our public News & In Print website.