Search the News Archive

American Council of Life Insurers (ACLI) Tells Agencies to Keep Supplemental Benefits Out of Proposed Federal Regs

"ACLI's [comment letter to HHS, EBSA and IRS] emphasizes that the proposed regulation would eliminate many valuable benefits that people rely on to protect their finances. These benefits supplement, but are not a form of, primary medical coverage. They are distinct from short-term, limited duration insurance discussed in the agencies' proposal and therefore should be excluded from the final regulation.... Also see ACLI's letter to Treasury and IRS on the proposal's tax implications[.]"

Comments of American Council of Life Insurers to DOL on Pension Benefit Statements (PDF)

26 pages. Excerpt: "We encourage the Department to include in its pension benefits statement rule that a participant's accrued benefit be expressed as estimated guaranteed monthly lifetime income payments. This will help to educate workers as to the value of their plan savings as a source of retirement income. It will assist them in evaluating such factors as their income need, savings adequacy, and the amount of income devoted to retirement savings. It reframes the defined contribution plan as a retirement plan that is intended to generate retirement income, rather than just a capital accumulation or savings plan."

American Council of Life Insurers Comment Letter to SEC on Duties of Brokers, Dealers and Investment Advisers (PDF)

172 pages. Excerpt: "If the SEC determines it is appropriate to harmonize broker-dealer and investment adviser regulation involving personalized recommendations about securities to retail customers, it is essential that any related rulemaking preserve or enhance: [a] Investor protection for retail customers; and [b] Choice and access to securities products and services for the full spectrum of retail customers. Any new harmonized standard of care must satisfy the Dodd-Frank Act mandate that it apply only to 'personalized' investment advice about securities to 'retail investors' as those terms are defined."

2018 Life Insurers Fact Book

184 pages. "The Life Insurers Fact Book, the annual statistical report of the American Council of Life Insurers (ACLI), provides information on trends and statistics about the life insurance industry.... In 2017, group insurance represented 46 percent of all life insurance policies in force. Group purchases increased 11 percent in 2017 to $1.3 trillion. At the end of 2017, group life insurance provided $8.4 trillion of protection, 2 percent more than a year earlier."

American Benefits Council/ACLI Comments on Special Rules Governing Eligible Combined 'DB(k)' Plans (PDF)

4 pages. "This letter, which is submitted by the American Council of Life Insurers ... and the American Benefits Council ..., provides comments in response to Notice 2009-71 regarding guidance relating to eligible combined plans under 414(x) of the Internal Revenue Code ... It would be helpful if the Service would provide sample plan language in the form of listings of required modifications (LRMs) for eligible combined plans. Alternatively, we would appreciate guidance on which provisions must be included in the single plan document for the eligible combined plan."

ACLI Praises House Passage of H.R. 10, the Comprehensive Retirement Security and Pension Reform Act

Excerpt: The American Council of Life Insurers (ACLI), whose members manage $1.7 trillion in pension fund assets, today praised the U.S. House of Representatives for its 407-24 vote in favor of H.R. 10, The Comprehensive Retirement Security and Pension Reform Act of 2001, sponsored by Rep. Rob Portman (R-Ohio) and Rep. Ben Cardin (D-Md).

Life Insurance Industry Reacts to 2014 Federal Budget Proposal

"The [corporate owned life insurance (COLI)] proposal would impose new taxes on life insurance used by businesses small and large. Many businesses use COLI to protect against financial or job loss stemming from the death of owners or key employees. COLI is also used to ensure business continuation. In addition, COLI is a widely-used funding mechanism for employee and retiree benefits. Congress affirmed the benefits and tax treatment of COLI and assured its responsible use in bi-partisan legislation enacted in 2006."

Comprehensive Regs Already Protect Consumers' Interests in Annuity Sales

"The American Council of Life Insurers (ACLI) issued [a] statement in connection with the request from Sen. Elizabeth Warren (D-MA), to certain life insurance companies for information on annuity sales ... From product development to advertising to sales, life insurers offering annuities must comply with state and federal laws and rules that help protect consumers' interests. As insurance products, annuities are regulated by the states that have laws and regulations for the content and marketing of the product."

ACLI Comments to DOL on Proposed Fiduciary Regs and Prohibited Transaction Exemptions, and Regulatory Impact Analysis (PDF)

326 pages. "It is essential that revisions be made to the Proposal to: [1] Ensure that providers, plan sponsors, plan fiduciaries, and IRA owners retain the freedom to define the nature and scope of their relationship.... [2] Preserve reasonable and customary commission-based practices ... [3] Be protective of the interests of savers and retirees through a workable rule that ... supports and encourages key educational activities when interests align. [4] Encourage access to a savings plan at work and provide the opportunity to learn about and access annuities, the sole means available in the market place by which retirees can secure income for life. [5] Ensure access to important workplace benefits such as life, disability income, long-term care, and other non-medical insurance products.... [6] Base the cost-benefit analysis on a careful examination of the impact of the rule on the availability of annuities and workplace benefit insurance products."

Fiduciary Rule Challenge 'Friended' by ACLI

"A lawsuit challenging the [DOL's] subsequent guidance/application of the so-called fiduciary rule has some support from the American Council of Life Insurers (ACLI).... The pushback here is focused on a key element of the so-called five-part test -- the on-going relationship between the advisor and the advisee." [Federation of Americans for Consumer Choice v. DOL, No. 22-243 (N.D. Texas amicus brief filed Aug. 29, 2022)]