Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, March 23. In today's briefing, a look at the state-level officials keeping watch over massive private-credit holdings in the insurance industry. And lenders to FAT Brands reached a deal for its founder and CEO to step aside.

How keeping private credit safe became Iowa’s problem. More life-insurance money is parked in Iowa than any other state, and a larger share is managed by private equity firms like Apollo Global Management and its rival than anywhere else.

Life and annuity companies hold close to a trillion dollars worth of private debt, about a quarter of their total fixed-income holdings. Unlike banks, however, insurance is regulated at the state level. That means state insurance departments that oversee home and health policies are now vetting some of the nation’s most complex financial products.

• Banks ready to put billions to work after regulatory win. After scoring a victory with regulators last week, America's bank lenders are preparing to put billions of dollars in potentially freed-up capital to use.

FAT Brands CEO departs under lender deal. FAT Brands founder Andrew Wiederhorn is stepping down as chief executive of the restaurant company after a bankruptcy judge on Thursday approved a deal with creditors for his removal.

Under the agreement between the lenders and the company, Wiederhorn’s family members, eight of whom were employed by FAT Brands when the company filed for chapter 11 in January, will leave the company. The board, aside from its special committee members, will resign.

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