American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement today on the Memorandum of Understanding signed by ACLI and the Korea Life Insurance Association:

Washington, D.C. (April 13, 2017) — “The American Council of Life Insurers (ACLI) welcomes the Memorandum of Understanding (“Memorandum”) signed today by our organization and the Korea Life Insurance Association (KLIA).

“This Memorandum strengthens the already deep ties between ACLI and KLIA. Together with KLIA Chairman Soo-chang Lee, we pledge to cooperate closely on areas of common interest in the rapidly changing environments surrounding the global insurance industry.

“One area of vital concern relates to aging societies. Many countries are experiencing an unprecedented demographic shift as people are living longer than ever before and the number of retirees is growing. But the number of workers that support their retirement is declining. Governments are facing serious questions about how to manage this longevity risk and make sure that their citizens will be able to age with dignity.

“Life insurers represent the private-sector supplement to public safety nets. People need to be able to turn to the private sector for solutions so they can be self-reliant, and not government reliant. We provide ways for people to maintain their financial independence, while allowing governments to focus their resources on the people with the most need.

“The insurance industry has a proud legacy in the United States, in South Korea and all over the world.  Insurers make investments that serve to raise standards of living and create employment. We are a key component of the world’s economic infrastructure. We provide valuable support for millions of families, and we supply peace of mind and financial security and dignity for our elders.

“I look forward to working with Chairman Lee and the KLIA so that the regulatory environment in Korea and the United States will allow insurers to continue to fulfill our mission to help people reach their full potential for future financial security.”

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.