ACLI Issues Statement on SEC Chairman Clayton

WASHINGTON, June 2 -- The American Council of Life Insurers issued the following statement by President and CEO Dirk Kempthorne on Securities and Exchange Commissioner (SEC) Chairman Jay Clayton's announcement that the SEC will reexamine standards of conduct for investment advisers and broker dealers:

"The American Council of Life Insurers (ACLI) commends Securities and Exchange Commission (SEC) Chairman Jay Clayton for taking steps to reexamine standards of conduct for investment advisers and broker dealers. We urge the SEC to move forward with this process and develop standards that ensure consumers receive the advice they want and need for a secure retirement.

"ACLI is encouraged by Chairman Clayton's willingness to work with Department of Labor (DOL) Secretary Alex Acosta, who is overseeing a review of the fiduciary regulation. This collaboration will help ensure the work of the SEC and DOL result in efficient and effective regulation that protects consumers and permits continued access to retirement advice and products.

"As they move forward with this initiative, we encourage Chairman Clayton and Secretary Acosta to involve members of Congress and coordinate efforts with state insurance commissioners through the National Association of Insurance Commissioners. As the primary regulators of annuities, the only products that can guarantee a lifetime stream of income, state insurance commissioners can provide important input on consumer protections in annuity sales.

"ACLI supports reasonable and appropriately tailored rules that require all sales professionals to act in the best interest of their customers. We look forward to working with the SEC, DOL, state insurance regulators and Congress 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.