Washington D.C. (October 16, 2008) — Leaders of America’s life insurance companies offered Treasury Secretary Henry M. Paulson Jr. their assistance and any information they can provide as the nation addresses the troubles affecting U.S. financial markets.
In an Oct. 15, 2008, letter, 36 top executives representing a broad cross-section of the life insurance industry invited Secretary Paulson to look to life insurance companies and to insurance regulators as resources during these “challenging times.”
The executives signing the letter are all members of the American Council of Life Insurers (ACLI).
“I am proud that top executives from our member companies are offering to assist government policymakers in guiding the nation through the economic storm that affects all Americans. The executives signing the letter represent life insurers of every size and market profile—large and small, primary companies and reinsurers. This diversity reflects the strong consensus within the insurance industry on the need for federal officials to upgrade their ability to monitor insurance markets, which are not just national, but international in scope,” said Frank Keating, president and CEO of ACLI.
The letter reaffirms ACLI’s support for creating an Office of Insurance Information within the Treasury Department.
“Such an office would provide your Department with the best means of efficiently gathering publicly available information on our business as you and other policymakers evaluate the appropriate regulatory oversight of U.S. financial institutions,” the executives said in their letter to Secretary Paulson.
“Federal policymakers must have the capacity to take a comprehensive view of the financial services marketplace. Although life insurance is currently regulated exclusively by the states, while banks and securities firms have federal regulators, these industries interact in ways that could affect the financial markets across the nation. However, there is no structure in place at the federal level to monitor life insurance markets and evaluate how issues affecting life insurance companies and consumers relate to broader financial concerns. Establishing an Office of Insurance Information at Treasury is an important step towards filling this policy chasm,” Keating said.
To see the CEO letter to Secretary Paulson, including a list of signatories, click here.
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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.