ACLI (American Council of Life Insurers)
Definition
The American Council of Life Insurers (ACLI) is a national trade association that represents the life insurance industry in the United States. ACLI’s primary mission is to advocate for legislative, regulatory, and judicial outcomes that benefit life insurance companies, their policyholders, and their advisors. The council works to promote conditions conducive to the industry’s growth, advancing public policies that encourage financial and retirement security.
Examples
- Advocacy Efforts: ACLI frequently lobbies policymakers to support life insurance products and services, proposing legislation that helps maintain the viability of the life insurance industry.
- Consumer Education: ACLI engages in public education campaigns to increase awareness about the importance of life insurance and financial planning.
- Regulatory Guidance: Collaborating with state and federal regulators, ACLI provides guidance on complex financial regulations affecting life insurers, offering the industry’s perspective to shape fair policies.
Frequently Asked Questions (FAQs)
What does ACLI stand for?
ACLI stands for the American Council of Life Insurers, a trade association advocating for the life insurance industry in the U.S.
Who does ACLI represent?
ACLI represents life insurance companies operating in the United States, advocating for their interests in legislative, regulatory, and judicial forums.
How does ACLI support the life insurance industry?
ACLI supports the industry through advocacy efforts, consumer education, and collaboration with regulators to shape favorable policies and conditions for growth.
Can individuals join ACLI?
No, ACLI membership is typically limited to companies in the life insurance industry rather than individual membership.
How does ACLI influence legislation?
ACLI influences legislation by lobbying policymakers, participating in hearings, and providing industry expertise and perspective on bills and regulations affecting the life insurance industry.
Related Terms
Life Insurance
A type of insurance policy that provides a death benefit to the beneficiaries of the policyholder upon their death.
Trade Association
An organization founded and funded by businesses that operate in a specific industry, aimed at promoting common interests and standards.
Advocacy
The act or process of supporting a cause or proposal, particularly in a political or legislative context.
Financial Regulations
Regulatory policies and laws that govern financial institutions, markets, and transactions to maintain financial stability and protect consumers.
Regulatory Guidance
Advisory documents provided by governments or organizations to help industry participants comply with regulations and best practices.
Online Resources
- ACLI Website: Official website providing information on advocacy efforts, policy positions, and industry news.
- NAIC: National Association of Insurance Commissioners site for regulatory information and industry best practices.
- Insurance Information Institute: Resource for educational content regarding different types of insurance and industry trends.
References
- “American Council of Life Insurers – ACLI.” ACLI, https://www.acli.com/.
- “Understanding the Role of Trade Associations.” NAIC, https://www.naic.org/.
Suggested Books for Further Reading
- “Introduction to Risk Management and Insurance” by Mark S. Dorfman & David A. Cather
- Offers a comprehensive overview of risk management practices and principles of insurance.
- “The Tools & Techniques of Life Insurance Planning” by Stephan R. Leimberg, et al.
- Delivers practical strategies and insights on life insurance planning.
- “Life Insurance 10X: How to Build Wealth Through Life Insurance” by James Harrell
- Discusses ways to leverage life insurance for wealth-building and financial planning.
