Wednesday, February 8, 2017
ACLI Responds To Federal Court Ruling On Fiduciary Regulation
American Council of Life Insurers (ACLI) Executive Vice President and General Counsel Gary Hughes issued the following statement in response to a federal court decision on the U.S. Department of Labor’s fiduciary rule:
Washington, D.C., (February 8, 2017) – “The American Council of Life Insurers (ACLI) is disappointed with the decision from the U.S. District Court, Northern District of Texas on our joint legal challenge with the National Association of Insurance and Financial Advisors (NAIFA) to the U.S. Department of Labor’s fiduciary regulation.
“ACLI and NAIFA continue to believe that the regulation is arbitrary and capricious, contrary to law and violates the First Amendment. We support responsible and balanced regulations that protect the interests of retirement consumers. But the regulation is neither reasonable nor balanced. It will harm the very people it is meant to help - retirement savers who now, more than ever, need access to the guaranteed lifetime income products (personal pensions) offered by ACLI and NAIFA members. It is essential that all Americans receive the financial advice they want and need.
“This decision underscores the urgency for the administration to act immediately to delay this misguided regulation. A delay will provide time for the administration to conduct a thoughtful review and to work with ACLI, NAIFA and other stakeholders toward public policies that help Americans achieve their financial and retirement security goals.”
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 290 member companies operating in the United States and abroad. ACLI advocates in state, federal, 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 94 percent of industry assets, 93 percent of life insurance premiums, and 97 percent of annuity considerations in the United States. Learn more at www.acli.com.
Date Posted: February 8, 2017
Document ID: NR17-008