Washington, D.C., (March 16, 2015) — The American Council of Life Insurers (ACLI) announced its continued resolve to work with the U.S. and Korean governments for the full implementation of the U.S. – Korea Free Trade Agreement (KORUS), especially Korea’s regulations permitting cross border data transfer of financial information.

On the one-year anniversary of the entry into force of the cross border data provisions of KORUS, ACLI remains firm in our belief that KORUS represents the highest standard of any U.S. trade agreement, and we recognize that implementation requires ongoing work by both sides, said Brad Smith, ACLI’s chief international officer. However, despite progress from four U.S.-Korea dialogues on financial services data processing, the approval system is slow, cumbersome and still not predictable, Smith added.

South Korean President Park Geun-hye continues to promote Korea as an international financial services hub, which requires the free flow of data and a transparent, predictable regulatory regime. ACLI welcomes the President’s vision and stands ready to cooperate with the government to make that dream a reality.   

The second KORUS Financial Services Committee meeting is expected early in the second quarter, and we hope this will provide Korea an opportunity to provide further specificity to its actions.

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.