ACLI Comments On SEC Financial Literacy Study

WASHINGTON, March 27 — The American Council of Life Insurers issued the following news release:

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In comments submitted to the Securities and Exchange Commission (SEC) regarding its financial literacy study, the American Council of Life Insurers (ACLI) expressed support for "cost-effective initiatives enabling informed decision-making in the purchase of financial products and services."

Among other remarks, ACLI noted that several state and federal initiatives are addressing the supervision, suitability and disclosure issues regarding variable products. "With so many moving parts, it will be critically important that the study's managers consider the unique aspects of life insurers' variable products and the distributors under these coextensive regulatory and disclosure initiatives."

The SEC study was mandated under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The study is scheduled to be completed by July 21, 2012.

Download ACLI's comments (PDF). http://www.acli.com/Newsroom/News%20Releases/Documents/SECFinLitStudy_032312.pdf

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