Thursday, December 7, 2017
ACLI Urges Passage Of Legislation Clarifying The Insurance Exemption From Consumer Financial Protection Bureau
Washington, D.C. (December 7, 2017) — The American Council of Life Insurers (ACLI) strongly supports the Business of Insurance Regulatory Reform Act, H.R. 3746. ACLI’s support was included in a statement for the record jointly submitted by insurance trade associations for the Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing titled “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime: Part II.”
“ACLI commends Reps. Sean Duffy (R-Wis.) and Gwen Moore (D-Wis.) for their leadership on this issue. We urge the House Financial Services Committee to pass this bipartisan legislation. It will create certainty for insurers and consumers that there will not be duplicative or conflicting consumer protection regulations in the future,” said ACLI President and CEO Dirk Kempthorne.
Allowing the Consumer Financial Protection Bureau to attempt to expand the federal government’s role in regulating insurance products would be counter-productive and ultimately could result in the bureau’s regulations conflicting with the directives of the state insurance regulators.
Click here to read the full statement.
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.
Date Posted: December 7, 2017
Document ID: NR17-077