ACLI Issues Statement on SEC Commission Chairman Clayton

WASHINGTON, May 5 -- The American Council of Life Insurers issued the following statement by President and CEO Dirk Kempthorne on Jay Clayton being sworn in as the chairman of the Securities and Exchange Commission:

"The American Council of Life Insurers (ACLI) congratulates Jay Clayton on his swearing in as the new chairman of the Securities and Exchange Commission (SEC).

"Chairman Clayton brings great depth and experience to the chairmanship. It will serve him well as he and the commission tackle a wide range of issues with significant implications for Americans, life insurers and financial service providers.

"Among the many issues on the SEC's agenda is a harmonized standard of care for broker-dealers and investment advisers. ACLI urges the development of reasonable and appropriately tailored rules that require all sales professionals to act in the best interest of their customers and that ensure consumers have access to essential retirement income products and advice.

"ACLI also looks forward to sharing with Chairman Clayton its perspective about the life insurance industry in support of his responsibilities on the Financial Stability Oversight Council (FSOC). Under the Dodd-Frank Act, FSOC has the authority to designate non-bank financial institutions, such as life insurers, as systemically important. ACLI supports revocation of this authority and the rescission of current non-bank designations. These reforms will refocus FSOC's systemic oversight on macroprudential risks and avoid the problematic impacts of arbitrary and misdirected FSOC designations.

"State regulators already rigorously supervise the life insurance industry. FSOC's designations of life insurers have served no purpose other than to make it harder for them to provide their customers with financial protection and retirement security.

"ACLI looks forward to working with the SEC to help Americans achieve financial and retirement security in a safe, well-regulated environment."

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.