ACLI CEO Kempthorne Issues Statement on Implementation of Covered Agreement

WASHINGTON, May 2 -- The American Council of Life Insurers issued the following statement by President and CEO Dirk Kempthorne in connection with the Senate Banking Committee hearing titled, "Examining the U.S. - EU Covered Agreement":

"The American Council of Life Insurers (ACLI) urges Congress to support the certification of the covered agreement on insurance and reinsurance by the administration. The covered agreement strengthens the competitiveness of U.S. insurers and allows U.S. capital to be invested in the economy and put to work here in the United States.

"The covered agreement removes regulatory uncertainty for insurers and reinsurers and establishes the terms upon which companies operating in both the United States and the European Union can do business in these jurisdictions. It is also consistent with the administration's policy to 'enable American companies to be competitive with foreign firms in domestic and foreign markets, advance American interests in international financial negotiations and meetings, [and] make regulation efficient, effective and appropriately tailored.'

"ACLI members will benefit from the certainty provided by the covered agreement, allowing them to dedicate resources to protecting the financial security of their policyholders. Through retirement and insurance products provided by life insurance companies, 75 million American families are better able to plan, save and guarantee their savings for a secure retirement.

"ACLI commends Senate Committee on Banking, Housing and Urban Affairs Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH) for holding a hearing on this important issue."

Joint testimony submitted for the Senate Committee on Banking, Housing and Urban Affairs hearing is available here (https://www.acli.com/-/media/ACLI/Files/Newsroom-News-Releases-Public/050217_JointTradesSBCCoveredAgreementTestimony.ashx?la=en).

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 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 94 percent of industry assets, 93 percent of life insurance premiums, and 97 percent of annuity considerations in the United States. Learn more at www.acli.com.