Executives from a group of life insurers March 8 announced the formation of the Affordable Life Insurance Alliance (ALIA), co-chaired by Jefferson Pilot Financial President & CEO Dennis R. Glass and John D. Johns, Protective Life Corporation Chairman, President & CEO.
Joining Glass and Johns as charter board members of the Alliance are Thomas C. Godlasky, President & COO, AmerUs Group; Jon A. Boscia, Chairman & CEO, Lincoln Financial Group; Thomas C. Sutton, CEO & Chairman, Pacific Life Insurance Company; Robert E. Chappell, Chairman & CEO, The Penn Mutual Life Insurance Company; and Michael H. Masterson, Chairman and CEO of North American Company for Life & Health Insurance and Midland National Life Insurance Company.
A number of other companies have expressed interest in ALIA, according to the Alliance.
"The purpose and mission of the Alliance is straightforward--to ensure that American consumers have access to safe and affordable life insurance," said Dennis Glass, Chairman and CEO of Jefferson-Pilot Corporation and co-chairman of the Alliance. "Our objective is the long-awaited modernization of state laws and regulations governing life insurance reserves. Specifically, the Alliance seeks the adoption of a modern, principles-based approach to valuation by the National Association of Insurance Commissioners."
Uniform policies and regulations concerning life insurance are established by the NAIC, the National Association of Insurance Commissioners. "We know the NAIC is committed to modernizing the insurance industry, and we pledge our cooperation to work with them to that end," said Glass.
"The Alliance will be a strong, positive voice for the need for valuation reform," added John Johns, Protective Life Corporation Chairman, President & CEO and Co-Chairman of the Alliance. "We will also serve as an information resource for those with a stake in the outcome of this effort--consumers, state insurance regulators, legislators, actuarial groups and other members of the life insurance industry. The Alliance will support the efforts of the NAIC, the ACLI, and the American Academy of Actuaries to develop long term valuation reform."
Glass and Johns introduced Scott Harrison, a Washington, D.C. based attorney and former senior insurance regulator as executive director of the Alliance. "It is an honor to work with such distinguished leaders in the insurance industry," said Harrison. "The member companies of the Alliance have demonstrated a strong commitment to safe and affordable life insurance that meets the needs of America's consumers."
The Alliance's Web site is www.affordablelifeinsurance.us.
Source: Affordable Life Insurance Alliance
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