American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement today on Governor Terry Branstad being confirmed as the United States Ambassador to China:
Washington, D.C. (May 22, 2017) — “The American Council of Life Insurers (ACLI) congratulates Iowa Governor Terry Branstad on his confirmation by the U.S. Senate as the United States Ambassador to China.
“Governor Branstad is a strong advocate for opening markets for American business. His experience in promoting American exports and supporting American prosperity as Iowa’s governor will assist him greatly in China, the world’s most populous nation.
“U.S. life insurers have worked closely with U.S. state and federal officials to open and expand access to foreign markets and increase our industry’s contributions to the U.S. financial services export surplus. China currently caps the level of foreign equity investment for life insurance companies at 50 percent. It has also not yet allowed any American companies to provide enterprise annuities, which are equivalent to a U.S. 401(k) plan. Removing these barriers would allow U.S. life insurers to provide innovative products and services to Chinese citizens, help them live with dignity in retirement and ease the burden on the Chinese government.
“Governor Branstad’s understanding and appreciation for the private-sector’s retirement security solutions will serve him well in his new role in China and on the international stage. ACLI looks forward to working with Governor Branstad in his new role to help improve U.S.-China relations to the benefit of both nations.
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.