ACLI Comments On President Obama Signing H.R. 4173, The Dodd-Frank Bill

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July 21, 2010 Wednesday

344 words

ACLI COMMENTS ON PRESIDENT OBAMA SIGNING H.R. 4173, THE DODD-FRANK BILL

States News Service

WASHINGTON

The following information was released by the American Council of Life Insurers:

With President Obama's signature on the Dodd-Frank bill, the focus of financial reform now shifts to the federal regulatory agencies which will conduct the numerous studies and draft the myriad of regulations mandated under the legislation.

"The nation must rely on the expertise and professionalism of the agencies to implement H.R. 4173 in a way that honors its underlying spirit of reform, but does not hamper well-functioning markets and the services we provide our policy owners through inappropriate or excessive regulation. Throughout this process, ACLI's top priority will be to assure that regulations affecting life insurers and our products are carefully designed and appropriate for the unique character of our industry, an industry that differs markedly from banking and securities.

"In that spirit, we welcome the creation of the Federal Insurance Office, the first federal agency with responsibility for understanding and advising policymakers on a broad range of insurance issues. While the federal government has long monitored discrete aspects of insurance, we hope the new FIO will provide policymakers with expert advice on the full spectrum of industry much as federal banking and securities regulators do for their industries. We look forward to initiating a dialogue with the FIO as soon as it is up-and-running."

For a summary of major life insurer-related provisions in Dodd-Frank, click here.

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI members represent more than 90 percent of the assets and premiums of the life insurance and annuity industry. In addition to life insurance and annuities, ACLI member companies offer pensions, 401(k) and other retirement plans, long-term care and disability income insurance, and reinsurance. ACLI's public Web site can be accessed at www.acli.com .

July 21, 2010