American Council of Life Insurers (ACLI) Urges Congress to Modernize Federal Financial Privacy Laws for the 21st Century

Washington, D.C.-American Council of Life Insurers (ACLI) President and CEO David Chavern advocated for modernizing federal financial privacy laws in a statement for today's U.S. House Financial Services Committee hearing, "Updating America's Financial Privacy Framework for the 21st Century."

He made the following points in the statement:

• The consumer and industry approach to data privacy has changed significantly during the past decade.
  
  
• Absent federal modernization, conflicting and inconsistent state privacy laws will continue to confuse customer understanding of their own data protections and interfere with the ability of consumers to access financial services products and account services.
  
  
• ACLI members support reasonable customer control over personal information and legitimate expectations that personal information entrusted to and used by businesses will be kept confidential and secure.
  
  
• To meet these consumer expectations, ACLI members support federal legislation that provides preemptive, uniform national standards, in principle and application, for all consumers to govern their interactions with all business sectors.

ACLI's full statement for the hearing record is available here.

The American Council of Life Insurers (ACLI) is the leading trade association driving public policy and advocacy on behalf of the life insurance industry. 90 million American families rely on the life insurance industry for financial protection and retirement security. ACLI's member companies are dedicated to protecting consumers' financial wellbeing through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits. ACLI's 275 member companies represent 94 percent of industry assets in the United States.