American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement on the U.S. Treasury Department’s report on the asset management and insurance industries:

Washington, D.C., (October 27, 2017) – “The American Council of Life Insurers (ACLI) commends Treasury Secretary Steven Mnuchin and the Treasury Department for the report on the asset management and insurance industries.

“While ACLI is reviewing the entirety of the report, we are encouraged by the emphasis on efficient regulation and government processes. The report rightfully recognized that:

• Designating individual insurers for stricter federal rules is not the best approach for mitigating risks;
• The full implementation of the fiduciary rule should be delayed until the relevant issues are evaluated and addressed to best serve retirement investors and federal agencies should coordinate with state insurance regulators to achieve consistent standards of conduct across product lines;
• The Federal Insurance Office should continue to serve as an expert adviser on insurance matters and play a key role to promote the U.S. insurance system in international forums while coordinating closely with state insurance regulators;
• The life insurance industry and its products play an important role in providing a secure retirement for millions of Americans;
• States are the primary regulators of the life insurance industry;
• The National Association of Registered Agents and Brokers Reform Act of 2015 should be implemented, which will facilitate insurance licensing across state lines.

“The life insurance industry helps Americans prepare for their financial futures, while easing pressure on government programs. We look forward to working with Secretary Mnuchin and other policymakers on initiatives that support our industry’s role as a private-sector safety net. “