ACLI: Insurance Industry Update

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Presentation transcript:

ACLI: Insurance Industry Update Alane Dent Acting Senior Vice President, Federal Relations April 24, 2018 2018 Alliance’s Executive Summit Last updated February 28, 2018

ACLI advocates in federal, state, and international forums for public policy that supports the life insurance industry marketplace and the 75 million American families who rely on life insurers’ products. Member companies offer life insurance, annuities, retirement plans, long-term care and disability income insurance, and reinsurance. Approximately 290 member companies in the U.S. and abroad represent more than 94 percent of industry assets and premiums.

Federal-State Convergence

Agenda Federal Tax Reform Fiduciary Rule/Best Interest Standard ACLI’s Assessing Americans’ Financial & Retirement Security Report 2018 Federal Political Update Effective Advocacy – On the Hill and Back Home

Federal Tax Reform 2017: H.R. 1 2018: Implementation 21% corporate tax rate Life insurance specific provisions - $23 billion 2018: Implementation Accounting Treasury guidance Technical corrections

Tax Reform Capital Matters – NAIC RBC Tax law has a significant impact on Risk Based Capital (RBC) requirements. Impact on RBC results from both the tax rate drop and the reduction in value of deferred tax assets (as well as the elimination of the net operating loss carryback). The old 35% tax rate is tied to many aspects of the RBC ratio calculations. Therefore, changes are required by the NAIC to restate RBC requirements using a 21% enacted tax rate. ACLI has asked the NAIC to delay tax-reform- related RBC changes until 2019.

Fiduciary Rule/Best Interest Standard Fifth Circuit Opinion SEC, NAIC and DOL Coordination NAIC Annuity Suitability Working Group 4 states with active legislation/rulemaking in 2018 2 states with active legislation/rulemaking: NV & NY DE, MD MA enforcement

Assessing Americans’ Financial & Retirement Security Report

Assessing Americans’ Financial & Retirement Security Report

Assessing Americans’ Financial & Retirement Security Report

Assessing Americans’ Financial & Retirement Security Report

Assessing Americans’ Financial & Retirement Security Report

Supplemental Insurance Products Beginning in January 2018, ACLI began advocacy of the following product lines: Accident Critical Illness Dental Hospital Indemnity Specified Disease Stop-Loss Vision

2018 Politics Mid-Year Election in November Trump effect? House Trump effect? House Republican seats – 238 (45 seat majority with 4 vacancies) Democrat seats – 193 (Democrats will need to net 24 seats to flip control of the House) Senate Republican seat – 51 (will change to 50 when Sen. Cochran resigns effective April 1st, Sen. McCain’s health is also in question) Democrat seats – 49

Mid-Year Election in November Trump Effect? House: Current Ratio 238-194 39 Reps. and 18 Dems. are departing Dems. will need net of 24 seats to win House Senate: Current Ratio 51-49 Democrats need to defend 25 seats, 10 in states Trump won

Effective Issue Advocacy – On the Hill Talking points should be succinct. Carry supplemental materials in folders. Be flexible. Staff is just as important.

Effective Issue and Political Advocacy - Back Home Know your Representative or Senator in every district/state where you have a facility. Invite Members of Congress to your facilities. Consider hosting a PAC event at headquarters.

Questions?

ACLI Contact Alane Dent (202) 624-2112 AlaneDent@acli.com