Overview
Today's state regulatory system for insurance is a patchwork of laws and regulations characterized by delays and unnecessary expenses that hurt companies, producers, and consumers. At a time when the life insurance industry is taking on a more significant role in helping to provide for the retirement security of a growing segment of the American population, a more efficient regulatory system for life insurers is needed.
ACLI Position
Uniform and efficient regulation is crucial to the continued competitiveness of life insurers and to their continued ability to provide vital financial protection products to families and businesses. In addition to advocating the creation of an optional federal charter, ACLI is seeking to improve the current state-based system of life insurance regulation, particularly in three areas: product regulation, producer regulation, and market conduct.
We have been working closely with the National Association of Insurance Commissioners (NAIC) in all of these areas, and have made significant progress in the area of product regulation, with the implementation of the Interstate Insurance Product Regulation Compact in 2006. ACLI will continue to aggressively lobby for its enactment in states where the commissioner supports it.