American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement about H.R. 1, the "Tax Cuts and Jobs Act":
Washington, D.C. (December 19, 2017) — “H.R. 1, the "Tax Cuts and Jobs Act," contains numerous provisions affecting the 75 million American families relying on life insurers for their financial and retirement security.
“Three life insurance company provisions – specifically, on reserves, proration and policy acquisition costs -- were significantly improved in the Senate’s deliberations of the overall tax bill and are included in the final version. Senator Tim Scott (R-SC) and Senator Mike Crapo (R-ID), along with Senator Rob Portman (R-OH), Senator Johnny Isakson (R-GA), Senator Chuck Grassley (R-IA), Senator Pat Roberts (R-KS), Senator Roy Blunt (R-MO), Senator Mike Rounds (R-SD), Senator Luther Strange (R-AL), Senator Richard Shelby (R-AL), Senator Joni Ernst (R-IA), Senator Bill Cassidy (R-LA), and Senator Susan Collins (R-ME), led these efforts. These lawmakers provided invaluable support for the private-sector safety net and helped ensure annuities, life insurance and the wide range of other financial and retirement security products Americans want and need, remain available.
“Senate Finance Committee Chairman Orrin Hatch (R-UT) and Senate Majority Leader Mitch McConnell (R-KY) also played vital roles in ensuring Americans’ continued access to the financial and retirement security products that they need and want.
“House Speaker Paul Ryan (R-WI) and House Ways and Means Committee Chairman Kevin Brady (R-TX) also must be singled out for their leadership in backing the private-sector safety net that is a solution for helping millions of families maintain their financial independence and dignity.”
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.