Washington, D.C. (April 29, 2015) — The American Council of Life Insurers (ACLI) submitted a statement for the record today to the House Financial Services Housing and Insurance Subcommittee for a hearing titled “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers.”

The Federal Reserve Board (Fed) is “developing insurance capital standards that are likely to have significant impacts on life insurance companies and the families who depend on them for financial and retirement security,” ACLI’s statement says.

“To ensure the best possible outcome for policyholders, the Fed should fully implement the Insurance Capital Standards Clarification Act, develop an insurance capital standard that is appropriate for U.S. insurers and the insurance business model, and partner with the other U.S. representatives to the IAIS – Treasury’s Federal Insurance Office and state insurance supervisors - to ensure that any international insurance standards reflect the unique strengths of the U.S. system of insurance supervision.”

ACLI’s full statement.