American Council of Life Insurers (ACLI) President and CEO Dirk Kempthorne issued the following statement regarding the introduction by Sens. Tim Scott (R-SC) and Doug Jones (D-AL) of the Primary Regulators of Insurance Vote Act of 2018:

Washington, D.C. (June 29, 2018) — “The Primary Regulators of Insurance Vote Act of 2018, represents good public policy. It would wisely amend the Financial Stability Act of 2010 so that a state insurance commissioner can serve as a voting member of the Financial Stability Oversight Council (FSOC). FSOC currently consists of 10 voting members, only one with insurance expertise.

“The American Council of Life Insurers (ACLI) supports the bill.

“The FSOC would benefit greatly by having a state insurance commissioner as a voting member. Granting a state insurance commissioner a vote on FSOC would provide another informed and knowledgeable perspective with insurance expertise.   

“State regulators supervise life insurance companies’ solvency to ensure they can meet their commitments to policyholders. The life insurance industry helps Americans prepare for their financial futures while reducing pressure on government programs.

“Introduced by Sens. Tim Scott (R-SC) and Doug Jones (D-AL), this bipartisan bill is companion legislation to H.R. 5666, which was introduced in the House in April. ACLI commends Sens. Scott and Jones and Reps. Dennis Ross (R-Fla.) and Denny Heck (D-Wash.) for their leadership on this issue. We hope that Congress will move swiftly to pass this important legislation.”

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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