Best Interest Standards Comprehensively Protect Consumers

Life insurers strongly support protections serving the best interests of customers, which can be meaningfully safeguarded with disclosure about services and material conflicts of interest. This approach provides an effective means to shield consumers and facilitate informed purchase decisions. The Securities and Exchange Commission’s (SEC) Regulation Best Interest (Reg BI) and Form CRS provide this … Continue reading "Best Interest Standards Comprehensively Protect Consumers"

Fed Alternative to LIBOR Benefits Insurers, Consumers

Do you remember how global banks manipulated the London interbank offered rate (LIBOR) — an international benchmark interest rate — during the 2007-09 financial crisis? If that doesn’t ring a bell, don’t worry. Plenty of insurance industry advocates remember it well. Life insurers hedge interest rate risks on their investments in certain bonds that reference … Continue reading "Fed Alternative to LIBOR Benefits Insurers, Consumers"

SEC Summary Disclosure Initiative Benefits Consumers, Life Insurers, Environment

The Securities and Exchange Commission (SEC) unveiled a sensible proposal last year that would: Provide key information about variable life insurance and variable annuities – life insurance and lifetime income tools that reflect movements in stock market – to consumers in a concise and reader-friendly method; Increase awareness and understanding of these vital financial security … Continue reading "SEC Summary Disclosure Initiative Benefits Consumers, Life Insurers, Environment"

Ignore the Naysayers, SEC’s Regulation Best Interest Provides Strong Consumer Protection

The American Council of Life Insurers (ACLI) believes strongly in a best interest standard of care for all financial professionals. Fortunately, so does the Securities and Exchange Commission (SEC). The SEC introduced a strong standard of care in June when it unveiled its Regulation Best Interest (Reg BI). Reg BI is a robust measure that … Continue reading "Ignore the Naysayers, SEC’s Regulation Best Interest Provides Strong Consumer Protection"