ACLI Statement on USTR Comments Regarding the Japanese Insurance Market

WASHINGTON, July 9 /PRNewswire-USNewswire/ -- American Council of Life Insurers (ACLI) President and CEO Frank Keating issued the following statement today praising the statements made by the U.S. Trade Representative (USTR) Ron Kirk on negotiations regarding the competitiveness of the Japanese insurance market:

"The United States Trade Representative (USTR) Ron Kirk recently indicated that securing a level playing field for U.S. insurance providers remains a serious concern, and called on the Japanese government to address the issue expeditiously.

"His comments reassure the U.S. life insurance industry that the U.S. government values a level playing field for U.S. based insurers operating in Japan, and continues to work arduously on the issue. The Japanese market is one of the largest in the world, and U.S. providers have demonstrated they can successfully offer innovative products to the Japanese people.

"In this period of international economic uncertainty it is critical that Japan remains an active and willing contributor to the global trade regime by, in part, providing for a level playing field for all insurers, including JPI. We commend Japan for its commitment to the annual bi-lateral regulatory reform dialogue and for its commitment to create equal terms of competition in the Japanese insurance market. These commitments are an example to other nations that operate postal insurance entities.

"ACLI is especially grateful to the Ambassador and his colleagues at the USTR office who have labored long and hard in this area. Their persistent support of the international trade principles involved is the key reason the dialogue on insurance that is part of the U.S.-Japan Regulatory Reform and Competition Policy Initiative continues to be a relevant means of resolution of the issues involved. We look forward to further collaboration with USTR in the weeks ahead."

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association whose 340 member companies account for 93 percent of the life insurance industry's total assets in the United States, 94 percent of life insurance premiums and 94 percent of annuity considerations. In addition to life insurance and annuities, ACLI member companies offer pensions, including 401(k)s, long-term care insurance, disability income insurance and other retirement and financial protection products, as well as reinsurance. ACLI's public Web site can be accessed at www.acli.com.