Washington, D.C. (December 13, 2012) — The American Council of Life Insurers (ACLI) submitted a statement to the House Financial Services Committee for its hearing “Examining the Impact of the Volcker Rule on Markets, Businesses, Investors and Job Creation, Part II.”

“In recognition of the unique insurance business model and the existing investment safeguards enforced by state insurance supervisors, Congress expressly authorized a business of insurance exclusion to the Volcker Rule in the Dodd-Frank Act.

“ACLI strongly supports the business of insurance exclusion, and believes it should not be diminished or undermined by rulemaking in any way,” ACLI said in its statement.

Download ACLI’s full statement. (PDF) 

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The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI advocates in federal, state and international forums. Its members represent more than 90 percent of the assets and premiums of the U. S. life insurance and annuity industry. In addition to life insurance, annuities and other workplace and individual retirement plans, ACLI members offer long-term care and disability income insurance, and reinsurance. Its public website can be accessed at www.acli.com.