ACLI Issues Statement on Tax Reform Legislation

WASHINGTON, Dec. 19 -- The American Council of Life Insurers issued the following statement by President and CEO Dirk Kempthorne on tax reform legislation passed by the House and before the Senate:

"Tax reform legislation passed by the House and before the Senate contains numerous provisions affecting the 75 million American families relying on life insurers for their financial and retirement security.

"Three life insurance company provisions - specifically, on reserves, proration and policy acquisition costs -- were significantly improved in the Senate's deliberations of the overall tax bill and are included in the final version. Senator Tim Scott (R-SC) and Senator Mike Crapo (R-ID), along with Senator Rob Portman (R-OH), Senator Johnny Isakson (R-GA), Senator Chuck Grassley (R-IA), Senator Pat Roberts (R-KS), Senator Roy Blunt (R-MO), Senator Mike Rounds (R-SD), Senator Luther Strange (R-AL), Senator Richard Shelby (R-AL), Senator Joni Ernst (R-IA), Senator Bill Cassidy (R-LA), and Senator Susan Collins (R-ME), led these efforts.

"These lawmakers provided invaluable support for the private-sector safety net and helped ensure annuities, life insurance and the wide range of other financial and retirement security products Americans want and need, remain available.

"Senate Finance Committee Chairman Orrin Hatch (R-UT) and Senate Majority Leader Mitch McConnell (R-KY) also played vital roles in ensuring Americans' continued access to the financial and retirement security products that they need and want.

"House Speaker Paul Ryan (R-WI) and House Ways and Means Committee Chairman Kevin Brady (R-TX) also must be singled out for their leadership in backing the private-sector safety net that is a solution for helping millions of families maintain their financial independence and dignity."