Washington, D.C.--The American Council of Life Insurers (ACLI) announced today that it is joining with Computer Sciences Corporation, a leading information technology services provider, to evaluate state and federal regulatory environments for the U.S. life insurance industry, report on the economic impact of the current state-based charter system, and assess the potential for improvement under an optional federal charter system.
ACLI has been vigorously pursuing insurance regulatory efficiency and modernization on a two-track basis: an optional federal charter (OFC) proposal and multifaceted regulatory improvement initiatives at the state level. ACLI's OFC proposal would allow life insurers to seek either a federal or a state charter based on the particular needs and circumstances of their business operations and the needs of their customers. It would also afford similar flexibility to life insurance agents. ACLI also has been working aggressively on reforms such as modernization of product approval processes, market conduct, and producer licensing in the states.
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