AG 53: A Clear Opportunity for Alignment

Author: Stewart Foley, CFA 

At InsuranceAUM.com, we track the shifts that shape insurance investment portfolios—before they hit your desk. AG 53 is one of those shifts. It didn’t make front-page news, but its impact on insurance asset management is real and lasting. This isn’t just about guidance. It’s about how insurers allocate capital, how managers structure deals, and how our industry accounts for risk in a changing world.

The following executive summary outlines the key elements of AG 53, why it matters, and how stakeholders can work together to ensure its successful implementation.

Executive Summary: 
AG 53 is an emerging regulatory initiative from the NAIC focused on improving transparency around private assets held by insurers. As private credit, infrastructure debt, and other illiquid investments have become more prominent in general account portfolios, regulators are seeking a clearer view of risk exposures, particularly for assets reported on Schedule BA or held through complex structures.

This paper explains:

• What AG 53 is
• Why it matters to insurers, managers, and service providers
• What changes may come from it
• How the industry can engage constructively

The message is simple: insurers want to get this right. But to do so, AG 53 must be implemented with consistency, materiality, and coordination across regulators. The tone is collaborative, not critical, inviting all stakeholders to work together toward solvency-focused transparency without disrupting well-functioning investment programs.