A recent webinar hosted by the Fund Finance Association focused on PE collateralized fund obligations (CFOs) designed to raise investment capital from regulated purchasers (e.g., insurance companies) through securitization mechanics. The panel was moderated by Matthew Kerfoot, managing director at Société Générale, and featured Lawrence R. Hamilton, partner at Mayer Brown; and Phillip Titolo, head of direct private investments at MassMutual. This second article in a two-part series considers emerging trends and regulatory developments from the National Association of Insurance Commissioners that will affect whether CFOs will remain attractive to insurance company investors. The first article examined the structure of CFOs, as well as some of the primary challenges that managers face when issuing CFOs. For more on insurance products, see “Attraction of Using Insurance Dedicated Funds in Season‑and‑Sell Private Credit Structures and As ‘Evergreen’ PE Vehicles” (Jul. 19, 2022); and “Overview of How Insurance Dedicated Funds Offer the Returns of Private Funds With the Favorable Tax Treatment of Insurance Products” (Jul. 27, 2021).