When the US Treasury starts calling in regulators, it means something has gone wrong enough to worry Washington. Yesterday, the Treasury convened meetings with domestic AND international insurance regulators to discuss private credit risks. The specific concern: billions in retirement savings managed by life insurers have been quietly moved into illiquid private credit products. Apollo and KKR bought insurance companies to get direct access to that capital. State-level regulation alone can't handle what's now a multitrillion-dollar, cross-border, offshore-reinsurance-linked web. The Treasury calling this meeting is not routine. It's a signal.