News Release

The American Council of Life Insurers (ACLI) issued the following statement in connection with The Financial Regulatory Improvement Act of 2015:

Washington, D.C., (May 21, 2015) – ACLI commends Sen. Richard Shelby (R-Ala.) for his strong leadership in developing The Financial Regulatory Improvement Act of 2015.

This bill reflects many of the principles of transparency, accountability, and due process that are supported by ACLI and its member companies.  ACLI appreciates efforts to develop legislation that promotes better regulated and more competitive financial markets.

In particular the bill:

  1. Proposes important, meaningful reforms that would strengthen Financial Stability Oversight Council procedures and ultimately facilitate a reduction in systemic risk.
  2. Increases opportunities for stakeholder input and Congressional oversight of the International Association of Insurance Supervisors regarding the development of capital standards. ACLI commends Senators Dean Heller (R-Nev.) and Jon Tester (D-Mont.) for their strong leadership on this issue.
  3. Requires the Federal Reserve Board to plan for the different kinds of nonbank financial companies, including insurance companies that it supervises.
  4. Includes language from the Policyholder Protection Act of 2015, which would afford insurance policyholders in the context of a savings and loan holding company the same protections as those currently provided under the Bank Holding Company Act.

featured-2

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers’ products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.

CONTACT