ACLI Responds To New SIFI Designation

ACLI President and CEO Dirk Kempthorne issued the following statement today in response to the preliminary decision by the Financial Stability Oversight Council to designate MetLife, Inc. a non-bank Systemically Important Financial Institution (SIFI).

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American Council of Life Insurers

Sep 04, 2014, 05:27 ET

WASHINGTON, Sept. 4, 2014 /PRNewswire-USNewswire/ -- The American Council of Life Insurers (ACLI) is extremely disappointed by the Financial Stability Oversight Council's (FSOC) designation today of another life insurance company, MetLife, as a systemically important financial institution (SIFI).

ACLI's position on this and other life insurer SIFI designations is clear: No single life insurer poses a systemic risk to the U.S. economy.

Life insurers adhere to strict state solvency laws and regulations that ensure they are able to meet their commitments. These standards appropriately reflect the long-term financial obligations of life insurance companies.

Any new standards imposed on any life insurer should take into account the strong regulatory and solvency regime that already exists. Applying bank-centric capital standards would not be appropriate.

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with approximately 300 member companies operating in the United States and abroad. ACLI advocates in federal, state, and international forums for public policy that supports the industry marketplace and the 75 million American families that rely on life insurers' products for financial and retirement security. ACLI members offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance, representing more than 90 percent of industry assets and premiums. Learn more at www.acli.com.

SOURCE American Council of Life Insurers