AIA, ACLI Welcome Negotiators to D.C.

Washington, D.C., (September 30, 2014) - The American Insurance Association (AIA) and the American Council of Life Insurers (ACLI), collectively representing the property-casualty and life insurance sectors of the United States, are strongly supportive of the Trade in Services Agreement (TiSA) negotiations. As the 2014 Global Services Summit begins here in the U.S. capital, AIA and ACLI urge negotiators to continue the momentum toward creating the highest standard services trade agreement in history.

We ask that all of the 50 nations comprising the TiSA Parties embrace services trade liberalization and the mutual benefits that it will provide. Specifically, we hope that the TiSA will include strong commitments to ensure that insurers from TiSA Parties are able to store and process corporate data in a location of their choosing, eliminate restrictions on cross-border reinsurance, and expand the types of insurance that can be offered to large businesses on a cross-border basis. In addition, we encourage the Parties to maintain strong national treatment commitments for insurers operating in the market of another TiSA Party, establish regulatory transparency and equitable treatment, and eliminate all equity caps. Limiting the anti-competitive advantages enjoyed by state-owned insurers in many markets, including post offices among other priorities, is of critical importance as well.

We are confident that the TiSA can be the vehicle for the type of next generation international commitments that will allow services providers to trade freely with minimal restrictions. We are thankful to the U.S. Trade Representative (USTR) and the negotiators from the other TiSA Parties for their ambition in the TiSA.

The American Insurance Association (AIA) is the leading property-casualty insurance trade organization, representing approximately 300 insurers that write more than $100 billion in premiums each year. AIA member companies offer all types of property - casualty insurance, including personal and commercial auto insurance, commercial property and liability coverage for small businesses, workers' compensation, homeowners' insurance, medical malpractice coverage, and product liability insurance.

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.