Tous Actualités
Suivre
Abonner ACLI

ACLI

ACLI Calls Russia's WTO Accession Bid "Unacceptable"
Cites Lack Of Market Access To Life Insurers In Current Proposal

Washington, DC (ots)

The American Council of Life Insurers
(ACLI) - the largest trade association representing the U.S. life
insurance industry - will oppose Russia's accession to the World
Trade Organization (WTO) unless it guarantees market access to
foreign life insurance companies.
"Personal financial and retirement security - through life
insurance, pensions and similar products - is a fundamental requisite
for Russia's economic modernization. It allows citizens to take
control of their financial futures and build financial independence,"
Brad Smith, ACLI's Managing Director for International Relations,
told a news conference staged by the Coalition of Service Industries
(CSI). Smith is chairman of CSI's Insurance Committee.
"The opening of the Russian life insurance sector to full
participation by foreign life insurance companies would bring
significant benefits to Russian consumers by introducing innovative
products backed by global networks that will bring increased customer
services and financial strength," Smith said. "Opening the Russian
life insurance sector will improve capital formation for domestic
investment and credit, and will generally improve the quality and
type of financial service products in the market. Russia must make a
commitment to allow foreign life insurance companies to set up
companies and control their operations if it hopes to attract foreign
business and expertise."
Currently, Russia refuses to commit to market access for foreign
life insurers - unlike other countries that have recently acceded to
the WTO, such as China.
While ACLI and the U.S. life insurance industry support Russia's
efforts to join the WTO on a commercially meaningful basis, Smith
said, "the current lack of commitment on market access in life
insurance represents an unacceptable shortcoming." Smith said ACLI
hopes to continue its dialogue with Russian trade officials and will
continue to work with U.S. trade negotiators in an effort to remedy
that shortcoming.
"By committing broad market access for foreign life insurance
companies," Smith said, "major markets all over the world have proven
that innovative, competitively priced life insurance and financial
protection products improve the lives and financial security of
consumers, strengthen financial services infrastructure, and improve
the overall efficiency of general commerce."
The American Council of Life Insurers is a Washington, D.C.-based
trade association. Its 400 member companies offer life insurance,
annuities, pensions, long-term care insurance, disability income
insurance and other retirement and financial protection products.
ACLI's public web site can be accessed at www.acli.com.

Contact:

ACLI
101 CONSTITUTION AVENUE, NW, SUITE 700
WASHINGTON, D.C. 20001-2133

Herb Perone
ACLI
Phone: +1/202-624-2416
mailto:herbperone@acli.com

Jack Dolan
ACLI
Phone: +1/202-624-2418
mailto:jackdolan@acli.com

Sarah Bohn
ACLI
Phone: +1/202-624-2419
mailto:sarahbohn@acli.com

Plus de actualités: ACLI
Plus de actualités: ACLI
  • 06.05.2002 – 12:42

    ACLI, AIA Spearhead Effort To Establish Global Insurance Objectives For WTO Talks

    Washington, DC (ots) - Six Trade Groups Urge USTR To Adopt Blueprint For Liberalizing Insurance Markets, International Financial Leaders Back Adoption Of Plan In WTO Member Countries Six major insurance and financial services trade groups, advocating free and open insurance markets around the world, are urging U.S. Trade Representative (USTR) negotiators to ...