The American Council of Life Insurers (ACLI) recently voiced support for a bill the organization said is designed to avoid duplication in regulating the insurance industry.
ACLI officials maintain the Business of Insurance Regulatory Reform Act would allow the Consumer Financial Protection Bureau to only exercise regulatory jurisdiction over the business of insurance where it has clear authority from Congress and deference should otherwise be given to state insurance regulators.
“ACLI commends Reps. Sean Duffy (R-WI) and Gwen Moore (D-WI) for their leadership on this issue,” ACLI President and CEO Dirk Kempthorne said. “We urge the House Financial Services Committee to pass this bipartisan legislation. It will create certainty for insurers and consumers that there will not be duplicative or conflicting consumer protection regulations in the future.”
ACLI officials said allowing the Consumer Financial Protection Bureau to attempt to expand the federal government’s role in regulating insurance products would be counterproductive and ultimately could result in the bureau’s regulations conflicting with the directives of the state insurance regulators.
ACLI advocates in state, federal, and international forums for public policy that supports the industry marketplace, officials said, adding the Washington, D.C.-based trade association has approximately 290 member companies operating in the United States and abroad.