Monday, December 30, 2019
ACLI: NAIC Committee Advances Enhanced Protections For Retirement Savers
WASHINGTON—American Council of Life Insurers (ACLI) Senior Vice President, State Relations Bruce Ferguson made the following statement on the enhanced consumer protections approved today by the National Association of Insurance Commissioners (NAIC) Life Insurance and Annuities Committee:
“This important proposal will significantly enhance protections for Americans planning and saving for the future. It reflects regulators’ deliberative and thoughtful approach, including receiving input from consumer and industry groups such as ACLI.
“Retirement savers should be confident that financial professionals are acting in the best interest of consumers. The proposal the committee approved today achieves this goal and will be more effective than individual state fiduciary proposals that miss the mark on protecting consumers.
“The proposal provides a clear, objective best interest standard for recommendations of annuities that aligns with the SEC’s Regulation Best Interest. Together, these two initiatives will give clarity and significantly strengthen protections for consumers seeking guaranteed lifetime income in retirement through annuities. They also safeguard consumers’ access to an important marketplace for their financial wellbeing.
“We urge the full NAIC to approve the committee’s proposal.”
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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Date Posted: December 30, 2019
Document ID: NR19-046