American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement today on the Senate introduction of The Business of Insurance Regulatory Reform Act, S. 2702

Washington, D.C. (April 18, 2018) —"The Business of Insurance Regulatory Reform Act, S.2702, will provide certainty for insurers and consumers that there will not be duplicative or conflicting consumer protection regulations in the future.

“This bipartisan legislation clarifies that the ‘business of insurance’ is off limits to the Consumer Financial Protection Bureau (CFPB).  The Dodd-Frank Act exempted the ‘business of insurance’ from the CFPB’s purview and reiterated that states are responsible for regulating the insurance industry. The state-based system of insurance regulation has a long history of effective consumer protection.

 “ACLI commends the co-sponsors of the bill: Sens. Tim Scott (R-S.C.), Mike Rounds (R-S.D.), Tammy Baldwin (D-Wis.) and Joe Manchin (D-W.Va.) for their leadership on this important issue.

“The House Financial Services Committee passed identical legislation in January. ACLI urges the full House and Senate to pass this law.”

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, offering 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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