commissioner kathleen birrane i would like to turn to you. have been a number of concerns raised about the lack of regulation and transparency with respect to private-owned insurers. i would like to talk to you from a state regulatory standpoint. our insurers that are affiliated with private equity firms treated any differently than other insurers, and are they somehow able to avoid oversight at the state level? >> no, senator, private equity owed insurers are not treated any differently except to the extent that it has been the common since about 2013 that states have actually imposed greater requirements on firms that purchase insurers. they are generally required to accept different conditions, as a condition of the approval of their investments. their investment in an insurance company. those stipulations are now part of the financial analysis handbook that states use when they assess and request by any entity, to purchase an insurance company. i would also say that more recently, in light of an increase in pe ownership and life insurers

the honorable kathleen birrane is testifying on the -- behalf of naic. mr. steven seitz joined fio's director office previously. welcome to both of you. >> members of the committee, thank you for the information -- invitation to testify. i will touch briefly on several issues. we have been actively monitoring the growth and private equity growth -- insurance. we have checks and balances to protect policyholders. as insurers of all types are searching for an vesting yield to avoid racing -- raising prices -- considering new requirements to ensure our facility -- ability to to address policyholders. we are working with 13 regulatory considerations and other insurance with similar features. we have extensive data reporting and analytical capability to review and assess alternative investments or unique structures and are continuing to apply those tools. we are confident in the system to oversee and -- insurers. we will keep the committee apprised of our work. next, insurance regulators recognize the importance of cybersecurity risk management and continue to op

across all state jurisdictions and internationally, please have both the maryland commissioner kathleen birranen behalf and director sites to it f iota testified today. thank you for your service on all levels pretty for going to keep americans hard earned money safe it's more important ever they work h together. we'll explore many topics today for example three months ago lockheed martin transferred $4.3 billion of its pensions to a holding company specializing in the life insurance owned by the private equity firm apollo global management. overnight employees and retirees were notified their pensions would be banished and no longer governed by the pension benefit guaranty corporation. many employees are exceptionally nervous about that. one recent example privatesi equity giant expansions into people's pensions and into the insurance industry. we don't workers and up worse off what wall street private equity firms get involved. we have seen it over and over in industry after industry. in march i asked and i see a fight which look into privateto equity's expansion into similar pension at risk

the honorable kathleen birrane is testifying on the -- behalf of naic. mr. steven seitz joined fio's director office previously. welcome to both of you. >> members of the committee, thank you for the information -- invitation to testify. i will touch briefly on several issues. we have been actively monitoring the growth and private equity growth -- insurance. we have checks and balances to protect policyholders. as insurers of all types are searching for an vesting yield to avoid racing -- raising prices -- considering new requirements to ensure our facility -- ability to to address policyholders. we are working with 13 regulatory considerations and other insurance with similar features. we have extensive data reporting and analytical capability to review and assess alternative investments or unique structures and are continuing to apply those tools. we are confident in the system to oversee and -- insurers. we will keep the committee apprised of our work. next, insurance regulators recognize the importance of cybersecurity risk management and continue to op