The American Council of Life Insurers (ACLI) is urging passage of legislation designed to address financial services regulatory reform.
ACLI officials said the Senior Safe Act and the International Insurance Capital Standards Accountability Act would prove to be assets if passed.
“The Senior Safe Act will help protect America’s seniors from financial exploitation,” Dirk Kempthorne, ACLI president and CEO, said. “It is extremely beneficial public policy because it helps protect seniors. It facilitates improved communication between insurance producers, life insurance companies and regulators in the event of suspected financial exploitation of senior citizens.”
Officials said the International Insurance Capital Standards Accountability Act of 2017 would establish new transparency and reporting requirements for the Department of the Treasury and Federal Reserve Board in connection with their participation in international forums.
“It would increase transparency and accountability to the international insurance capital standards process,” Kempthorne said. “Due to the importance of the work being done by the International Association of Insurance Supervisors and the Financial Stability Board, more stakeholder input is necessary than ever before.”
ACLI advocates on behalf of 290 member companies dedicated to providing products and services that contribute to consumers’ financial and retirement security. ACLI members represent 95 percent of industry assets, offering life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, dental and vision and other supplemental benefits.