WASHINGTON— American Council of Life Insurers (ACLI) President and CEO Susan Neely issued the following statement today on new interpretive guidance approved by the Financial Stability Oversight Council (FSOC) for nonbank financial company designations:

“We strongly support the interpretive guidance approved today by FSOC. By applying an activities-based approach, FSOC will be in a much stronger position to promote financial stability and protect consumers’ financial interests.

“The new guidance also commits FSOC to rely on the expertise of state insurance regulators in addressing any identified risks. Through robust oversight and regulation, state insurance regulators play a key role in ensuring life insurers’ financial strength.

“Life insurers’ mission is to provide consumers with financial security and peace of mind through times of prosperity and times of economic stress. FSOC’s new guidance aligns with this mission and will solidify consumers’ confidence in the nation’s financial system.”

The American Council of Life Insurers (ACLI) advocates on behalf of 280 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.

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