WASHINGTON – American Council of Life Insurers (ACLI) President and CEO David Chavern issued the following statement on the Financial Stability Oversight Council’s (FSOC) proposed interpretive guidance for nonbank financial company designations: 

"The Administration’s approach is forward-thinking for financial oversight and America’s economic strength. By focusing on activities rather than individual entities and by recognizing the role of primary regulators, FSOC is providing effective leadership for consumers and the financial system on which they depend.”

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 275 member companies represent 94 percent of industry assets in the United States.