ACLI CEO Kempthorne Issues Statement on Fiduciary Regulation Delay

WASHINGTON, April 6 -- The American Council of Life Insurers issued the following statement by President and CEO Dirk Kempthorne on the delay in the applicability date of the Department of Labor's fiduciary regulation:

"The delay is necessary. The regulation, as currently written, limits consumers' choices, significantly harming their ability to plan and save for financially secure retirements.

"However, ACLI remains concerned that, although the department has concluded that its review of the issue and its potential harmful impact on retirement savers will likely take more than 60 days, it has signaled its unwillingness to delay the applicability date beyond this period.

"This unwillingness places financial services firms in an untenable position - attempting to comply with a vague and misguided regulation during the time the department is examining whether to revise or withdraw the regulation. This circumstance will also create consumer confusion and reduce retirement savers' access to retirement products, services, and related financial information and advice.

"ACLI is committed to working with the administration, Congress and the states on public policies that help Americans achieve their financial and retirement security goals."

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad. ACLI advocates in federal, state, 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 94 percent of industry assets in the United States. Learn more at www.acli.com.