Washington, D.C., (February 9, 2016) – “The provision in the administration’s FY 2017 budget proposal to tax financial services companies, including life insurers, would unnecessarily harm people planning for their financial and retirement security.

“The tax would raise companies’ costs of doing business and make products and services less affordable and accessible. Any revenue generated by the proposal would come at a high cost for the 75 million American families relying on life insurers for their financial and retirement security.

“The tax aims to limit alleged risky activities by financial firms. However, life insurers, by their nature, already avoid the risky financial behavior the tax aims to suppress.

“Life insurers are financially strong and strictly regulated by state laws that prohibit them from engaging in excess or risky leveraging.

“The administration has offered similar proposals in the past that have wisely never been accepted by Congress. This proposal should meet the same fate.”