WASHINGTON, Nov. 21 -- The American Council of Life Insurers issued the following statement by President and CEO Dirk Kempthorne on the latest round of globally systemic important insurers designations from the Financial Stability Board:
"The American Council of Life Insurers (ACLI) stands by its position that the core activities of life insurers do not pose a systemic risk. These core activities involve providing consumers with financial protection and retirement security. Life insurers fulfill that mission on a daily basis, paying out $1.6 billion to customers and continue to advocate for a strong regulatory system that will help ensure they can effectively continue that mission."
"It also is important to keep in mind that life insurance companies are heavily regulated. State insurance departments have wide authority to oversee all aspects of the industry's activities, including investments, market conduct and capitalization requirements. Nationwide standards for life insurers' financial regulation are maintained via the states' financial solvency accreditation program. Certain life insurance company activities are also regulated by the U.S. Securities and Exchange Commission and the U.S. Commodities Futures Trading Commission."
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 280 member companies operating in the United States and abroad. ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers' products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing 95 percent of industry assets. Learn more at www.acli.com.