Wednesday, October 3, 2018
ACLI Statement On United States-Mexico-Canada Agreement
American Council of Life Insurers President and CEO Susan Neely issued the following statement on the trade agreement between the United States, Mexico and Canada:
Washington, D.C. (October 03, 2018) — “The American Council of Life Insurers (ACLI) commends the Trump Administration for negotiating a modernized trilateral trade agreement between the United States, Mexico and Canada, updating the North American Free Trade Agreement (NAFTA). ACLI also applauds the efforts by Mexico and Canada to commit to a revised agreement that reflects current economic practices.
“The United States-Mexico-Canada Agreement (USMCA) contains several positive elements for the life insurance industry. ACLI is particularly pleased with new language allowing for the free flow of data and prohibiting the forced data localization for financial services.
“ACLI is reviewing the agreement and analyzing other new commitments in the text. The business of insurance, in which firms must be established in-market and are highly regulated locally, benefits from bilateral and multilateral trade agreements and healthy trading bilateral relationships to prevent non-tariff barriers to trade in services. Several of our member companies are industry leaders in Mexico and Canada making the USMCA, and NAFTA before it, critical to that continued success.
“NAFTA has been a success for the U.S. life insurance industry. ACLI hopes this modernized trilateral trade agreement can build on that success.”
The American Council of Life Insurers (ACLI) advocates on behalf of 290 member companies dedicated to providing products and services that promote consumers’ financial and retirement security. 90 million American families depend on our members for life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits. ACLI represents member companies in state, federal and international forums for public policy that supports the industry marketplace and the families that rely on life insurers’ products for peace of mind. ACLI members represent 95 percent of industry assets in the United States.
To learn more, visit acli.com and our blog, ACLI Perspectives, at acli.com/perspectives.
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Date Posted: October 3, 2018
Document ID: NR18-036