ACLI CEO Kempthorne Issues Statement on Treasury Report
"While ACLI is reviewing the entirety of the report, we are strongly encouraged by the emphasis on improved engagement and transparency in the designation process. No life insurer should be designated as systemically important. The report rightfully recognized that
* Designating insurers as systemic is not an effective or efficient approach for addressing potential risk to financial stability;
* FSOC should leverage the insights and expertise of state insurance regulators, including to address potential systemic risks;
* Designation analyses should be reformed to provide more rigor, transparency and consistency;
* FSOC should articulate more clearly to a designated nonbank financial company the specific risks that led to the designation.
"
"The life insurance industry helps Americans prepare for their financial futures, while easing pressure on government programs. We look forward to working with Secretary Mnuchin and other policymakers on initiatives that reinforce our industry's role as a private-sector safety net."
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