Washington, D.C. (November 7, 2014) — The Transatlantic Trade and Investment Partnership (TTIP) aims to facilitate the purchase and sale of goods and services between the European Union and the United States by reducing trade barriers.

The American Council of Life Insurers (ACLI) and the French Federation of Insurance Companies (FFSA) welcome the progress in TTIP’s negotiations but alert their respective governments and the European Commission on the failure to take into account financial services in this treaty.

The stability of the global financial system requires that the transatlantic financial market be regulated effectively and efficiently. The French and European financial services industries consider that one of the TTIP’s greatest challenges lies in preventing unnecessary transatlantic points of divergence in terms of financial regulation, especially on derivatives. 
 
By including financial services in the TTIP, ACLI and FFSA hope to lower barriers to market access, which cause extra costs of billions of dollars and penalize stakeholders on both sides of the Atlantic. 

Governor Dirk Kempthorne, ACLI’s president and CEO, and Bernard Spitz, FFSA’s president, are requesting that a chapter on financial services be included in the 8th TTIP negotiations round in December.

TTIP is expected to become a major reference for future trade agreements between the European Union and the United States. It will become the model for future agreements with other countries.

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.