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In response to the latest designations of globally systemic important insurers by the FSB, ACLI President and CEO Dirk Kempthorne asserted that the "core activities" of the life insurance industry...
within Intellectual Property, International Law, Government and Public Sector topic(s)
In response to the latest designations of globally systemic important
insurers ("G-SIIs") by the Financial Stability Board
("FSB"), American Council of Life Insurers
("ACLI") President and CEO Dirk Kempthorne asserted that the "core activities"
of the life insurance industry (i.e., providing
financial protection and retirement security to customers) do not
pose a systemic risk.
On November 21, 2016, the FSB consulted with
the International Association of Insurance Supervisors and national
authorities. It identified nine insurers as global systemically
important financial institutions. In response, Mr. Kempthorne
pointed out that the ACLI might support a "strong regulatory
system," but life insurance companies are heavily regulated at
state and local levels already.
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