ACLI CEO Kempthorne Issues Statement on White House Directive

WASHINGTON, April 21 -- The American Council of Life Insurers issued the following statement by President and CEO Dirk Kempthorne on White House directive for examination of risks of designating nonbanks as "systemically important":

"This is a move in the right direction as the current designation of nonbank financial institutions as systemically important is fatally flawed.

"We believe the end-result of this review should be for the Treasury Department to recommend the rescission of the authority of the Financial Stability Oversight Council (FSOC) to designate life insurers as systemically important."

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 more than 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.