American Council of Life Insurers (ACLI) Applauds Work on Insurance Capital Standard and Comparability with U.S. Aggregation Method

WASHINGTON - American Council of Life Insurers (ACLI) Senior Vice President, Prudential Policy & International Mariana Gomez-Vock made the following comments on the Insurance Capital Standard recently approved by the International Association of Insurance Supervisors (IAIS) Executive Committee:

"The IAIS Executive Committee's action is an important development for consumers, life insurers and regulators. Their recognition that the U.S. aggregation method is comparable to the global Insurance Capital Standard helps ensure that life insurers can continue to provide financial protection that people and families want and need.

"It is also a testament to the hard work and leadership of Team USA, which includes the NAIC, the Federal Reserve and Federal Insurance Office. ACLI applauds them and other global regulators for their respect for regional differences and commitment to standards that protect policyholders and enhance financial stability."

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 93 percent of industry assets in the United States.