WASHINGTON, July 2 -- The American Council of Life Insurers issued the following news release:
The American Council of Life Insurers (ACLI) welcomes Japan's entry into Trans-Pacific Partnership (TPP) negotiations, and looks forward to further progress in establishing a level competitive playing field in Japan's insurance market, Brad Smith, ACLI's chief international officer said today at a hearing before the Office of the United States Trade Representative.
"Japan has made tremendous strides in opening its insurance market and the Financial Services Agency has established itself as an independent and professional regulatory body," Smith said during a hearing on TPP.
However, Smith said, ACLI hopes that TPP negotiations will help address two remaining problem areas: unfair competitive advantages enjoyed by Japan Post Insurance and by insurance businesses operated by cooperatives.
To see Smith's full statement, click here (http://www.acli.com/Newsroom/News%20Releases/Documents/Intl_USTR-TPPTestimony_Statement_070213.pdf)