Tuesday, September 10, 2019
ACLI President: Attorneys General Wrong About SEC Regulation Best Interest
Washington, D.C. — American Council of Life Insurers (ACLI) President and CEO Susan Neely responded today to the legal challenge filed by eight attorneys general against the SEC’s Regulation Best Interest (Reg BI):
"The attorneys general challenge to SEC Reg BI misses the mark. Reg BI is consistent with the Dodd-Frank Act’s mandate requiring the SEC to review investment advice standards and develop better rules, if necessary, to protect consumers.
“What’s more, the claim that the SEC did not do a thorough cost-benefit analysis on the regulation is disingenuous. The SEC went beyond official rulemaking requirements to analyze and elicit costs and benefits from all stakeholders as it crafted Reg BI.
“Today’s legal action is another misguided attempt to reconstitute the Department of Labor’s fiduciary rule that was struck down by a federal court. This flawed regulation eliminated choice and access to information that every day consumers need to secure their retirement.
“Reg BI’s approach is much better suited for Main Street consumers. It provides enhanced protections and preserves access to a variety of retirement products and guidance from professionals acting in consumers’ best interest.”
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: September 10, 2019
Document ID: NR19-0910