WASHINGTON – The American Council of Life Insurers (ACLI) joined a coalition of United States and United Kingdom financial services groups to propose a united business vision for future U.S.-UK regulatory cooperation and dialogue. 

The proposal by the British American Finance Alliance (BAFA) seeks to reduce cross-border frictions between the U.S. and UK; bolster cross-border investment; and support stronger economic growth and job creation for both countries. 

“U.S. and UK life insurers play critical roles in the lives of consumers on both sides of the Atlantic,” said ACLI President and CEO Susan Neely. “We look forward to working with other members of BAFA and our respective governments in support of polices that help British and American families get the financial protection they want and need. 

“BAFA’s proposed vision includes important insurance provisions that are vital to making this happen. Among other things, the proposal recognizes the strength of the U.S. state-based regulatory system, calls for the free flow of data between nations and bolsters the availability of reinsurance to provide coverage to as many people as possible.” 

BAFA’s proposal is available here.

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI’s member companies are dedicated to protecting consumers’ financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI’s 280 member companies represent 94 percent of industry assets in the United States.

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