Financial Services Industry
Industry: Email Alert RSS FeedACLI opposing SEC's initiative on VL 'performance.' (American Council of Life Insurance, Securities and Exchange Commission, variable life insurance)
National Underwriter Life & Health-Financial Services Edition, July, 1993 by Brostoff, Steven
A Securities and Exchange Commission (SEC) initiative that would require life insurance companies to disclose the financial performance of the separate accounts that underlie variable life insurance contracts is being opposed by the American Council of Life Insurers (ACLI). The ACLI believes that the SEC initiative is flawed since the performance of separate accounts cannot be determined since it does not generate financial returns.
WASHINGTON -- The American Council of Life Insurance is opposing a Securities and Exchange Commission initiative that requires insurers to present variable life performance figures in a format that life insurers believe is unachievable.
"We are researching serveral different avenues of recourse to rectify the problem," according to...
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