Washington D.C., (June 3, 2014) — The American Council of Life Insurers (ACLI) looks forward to working with Tom Sullivan in his new role at the Federal Reserve. He is a skilled insurance professional with a wealth of insurance experience. He will add significant depth and intellectual strength on insurance issues as he advises the Federal Reserve’s Board of Governors.

We will try to meet soon with Mr. Sullivan to discuss many issues, including capital standards for life insurers under the Fed's jurisdiction. We will stress the importance of ensuring any Fed-imposed capital standards on life insurers are tailored for life insurers.

Life insurers support strong regulation. Indeed, we believe consumers, life insurance companies, the economy and the nation overall benefit from a strong insurance regulatory system. But rules governing life insurers on all issues must be appropriate for life insurers.

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.