American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement on the U.S. Treasury Secretary and U.S. Trade Representative signing the U.S.-EU covered agreement.

Washington, D.C., (September 22, 2017) – “The American Council of Life Insurers commends the U.S. Treasury Secretary and U.S. Trade Representative for signing the covered agreement between the United States and European Union. ACLI thanks the agencies and Treasury’s Federal Insurance Office for their work on this important agreement.

“The covered agreement provides regulatory certainty for insurers and reinsurers. It establishes the terms for companies operating in both the United States and the European Union to do business in these jurisdictions. It is consistent with the administration’s policy to ‘enable American companies to be competitive with foreign firms in domestic and foreign markets, advance American interests in international financial negotiations and meetings, [and] make regulation efficient, effective and appropriately tailored.’ 

“ACLI members will benefit from the assurance provided by the covered agreement, allowing them to dedicate resources to protecting the financial security of their customers. Through retirement and insurance products provided by life insurance companies, 75 million American families are better able to plan, save and guarantee their savings for a secure retirement.

“The covered agreement also upholds the U.S. state-based insurance regulatory system. State regulators will play a critical role as the agreement is implemented. ACLI applauds the NAIC and state insurance regulators for working in partnership with the federal agencies toward implementation of the agreement.”

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 95 percent of industry assets in the United States. Learn more at www.acli.com.