Workers expect their defined contribution plans to play a greater role in their retirement income than annuities.
WASHINGTON, Dec. 12 -- The American Council of Life Insurers issued the following news release:
The Federal Insurance Office (FIO) report, "How to Modernize and Improve the System of Insurance Regulation in the United States," (http://www.treasury.gov/initiatives/fio/reports-and-notices/Documents/How%20to%20Modernize%20and%20Improve%20the%20System%20of%20Insurance%20Regulation%20in%20the%20United%20States.pdf) represents an important contribution to discussions on the modernization of insurance regulation in the United States.
The current state-based system of regulation has served consumers and the industry well for generations. However, as noted in the report, "improvements are needed to promote uniformity and address inefficiencies and burdens for consumers, insurers and the international community."
ACLI will continue its work with state and federal authorities, as well as non-domestic regulators and international standard-setters, to explore improvements to insurance regulation in ways that benefit consumers, companies and the nation overall.
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