Which type of insurance company is not subject to SEC regulation?

Mutual companies and privately held companies are not subject to SEC regulation because they do not issue publicly traded securities. Instead, mutual companies are owned by their policyholders and do not have stockholders or trade shares on public exchanges, which makes them exempt from the regulations that typically apply to publicly traded entities. Similarly, privately held companies do not offer shares to the general public and, thus, are also not subject to SEC oversight. The SEC primarily regulates publicly held companies because they issue stock to the public, which requires adherence to specific disclosure and reporting requirements to protect investors. Hence, both mutual and privately held companies fall outside the realm of SEC regulation due to their structure and ownership models.