ACLI Losing CredibilityIn State Regulatory Debate
The protestations by the American Council of Life Insurers that, yes, it does indeed still support state regulation of insurance are becoming harder to believe by the week.
First, it was the ACLI's pioneering federal chartering option proposal that took a huge bite out of the group's credibility on the issue. Granted, ACLI's board only voted to study the proposal, not to officially endorse federal chartering. But does anyone really doubt where the organization's thoughts are heading?
The latest blow to ACLI's support of state regulation came in recent testimony before Congress that ACLI now sees improving the efficiency of state regulation as a "survival issue." ACLI gave a major new initiative by the National Association of Insurance Commissioners some perfunctory lip service before it launched full-bore into the still-new CARFRA program's flaws.
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