American Council of Life Insurance (ACLI) President and CEO Dirk Kempthorne issued the following statement regarding the Federal Insurance Office and U.S. Trade Representative announcing intent to begin negotiation of a covered agreement:
Washington, D.C., (November 23, 2015) – “ACLI commends the U.S. Federal Insurance Office (FIO) and the U.S. Trade Representative (USTR) for announcing their intent to begin negotiation of a covered agreement with the European Union.
“The EU-U.S. insurance and reinsurance relationship is the largest two-way trade flow of insurance in the world. A covered agreement will help build understanding and respect for each other’s prudential regulation. It represents a big step towards laying the groundwork for recognizing each other’s supervision.
“ACLI also applauds FIO and USTR for including state insurance commissioners in the process. We understand they will have unprecedented access to the upcoming negotiations. Their involvement is critically important to ACLI. Their expertise will play a vital role in successful negotiations.
“We applaud these developments and look forward to the U.S. and EU moving forward to finalize an agreement.”
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.