American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement after the release of the Judge Rosemary Collyer’s full opinion overturning the Financial Stability Oversight Council's designation of MetLife as a systemically important financial institution (SIFI):

Washington, D.C., (April 7, 2016) – “After reviewing Judge Rosemary Collyer’s full opinion, we remain pleased with the federal court’s wise decision to rescind the designation of MetLife as a systemically important financial institution (SIFI).  

 “The Dodd-Frank Act established a detailed set of criteria for determining whether an entity is systemically risky. Further, it made clear that size alone does not make a company systemic.

“The facts quite simply did not support MetLife being designated as a SIFI. Indeed, we don’t believe the facts support the conclusion that any life insurer presents a systemic risk to the nation’s economy.

“ACLI hopes that the members of Financial Stability Oversight Council (FSOC), including the Department of the Treasury, adopt a more sensible and transparent process going forward and is  much more transparent regarding the analysis it undertakes in the designation process. FSOC should also offer a clear “exit ramp” to companies so that they can understand the de-risking strategies they could use to be de-designated from SIFI oversight.”

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.