Frank Keating, president and CEO of the American Council of Life Insurers (ACLI), issued the following statement regarding approval of H.R. 5840 by the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises:
WASHINGTON, D.C. (July 9, 2008) — “The Insurance Information Act of 2008 would fill a vital policy gap that continues to plague national policymakers in their evaluation of retirement security, long-term care, international trade and other economic issues: the lack of a federal office with expertise in insurance.
“By creating a federal Office of Insurance Information, H.R. 5840 would, at long last, establish an advisory body that can analyze the impact of tax, retirement security, trade and economic legislation on insurance consumers, and do so on a national and an international basis. The decisions made in Washington affect all insurance consumers regardless of where they live, and it is time the federal government developed the institutional expertise to evaluate insurance-related legislation on a national basis.
“ACLI applauds Subcommittee Chairman Paul Kanjorski (D-PA) for introducing H.R. 5840 and we are pleased to see it advancing in the 110th Congress.
“At the same time, ACLI remains strongly committed to establishment of an optional federal charter (OFC) for insurance regulation. There is overwhelming evidence that OFC would produce a more competitive and efficient insurance marketplace that would lead to innovations and cost savings for consumers. We also support ongoing efforts by the states to reform the current system and make it more responsive to rapid changes in the marketplace. A reform, streamlined state regulatory system co-existing with an optional national insurance regulator—both committed to the highest standards of consumer protection, efficiency and competitiveness—would provide the greatest benefit to all insurance consumers.”
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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association whose 353 member companies account for 93 percent of the life insurance industry’s total assets in the United States, 93 percent of life insurance premiums and 94 percent of annuity considerations. In addition to life insurance and annuities, ACLI member companies offer pensions, including 401(k)s, long-term care insurance, disability income insurance and other retirement and financial protection products, as well as reinsurance. ACLI's public Web site can be accessed at www.acli.com.