In this episode, Emilie Nadler chats with Ryan Mensing, Associate General Counsel who covers Regulatory Affairs for KBRA’s legal team. Ryan and Emilie discuss a Draft Issues Paper by the International Association of Insurance Supervisors (IAIS), Structural Shifts in the Life Insurance Sector, which was published in March 2025. The Draft Paper focused on life insurers’ increased allocation to alternative assets and the rising adoption of cross-border asset-intensive reinsurance (“AIR”) transactions. The IAIS just closed their public consultation period for the paper on June 2 and KBRA submitted a formal comment given our leadership in the private credit space. Ryan and Emilie provide an overview of the IAIS paper and also walk listeners through KBRA’s comment letter.