American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement today in response to the Security and Exchange Commission’s decision to propose a best interest standard of conduct for broker-dealers:

Washington, D.C. (April 18, 2018) — “The ACLI looks forward to reviewing the SEC’s proposed standard of conduct for broker-dealers.

“We are encouraged by the SEC's plan to implement a best interest standard of conduct that can be uniformly applied across all regulatory platforms – the states, FINRA, and the Department of Labor. ACLI strongly supports comments made by SEC Chairman Clayton at the commission meeting this afternoon about the need for regulatory coordination.  

“ACLI supports reasonable and appropriately tailored rules that require all sales professionals to act in consumers’ best interest.

“ACLI will continue contributing to state and federal efforts to develop consistent and uniform standards that truly work in consumers’ best interest.”

The American Council of Life Insurers (ACLI) advocates on behalf of approximately 290 member companies dedicated to providing products and services that contribute to consumers’ financial and retirement security. ACLI members represent 95 percent of industry assets, 93 percent of life insurance premiums, and 98 percent of annuity considerations. Our members offer life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits. American families rely on these products for protection, long-term savings and a guarantee of lifetime income when it’s time to retire. 

To learn more, visit acli.com and our blog, ACLI Perspectives, at acli.com/perspectives.

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