ACLI welcomes the agreement between the Governments of Japan and the U.S. approving Japan's entry into negotiations for a Trans-Pacific Partnership trade agreement as an important step toward achieving a level playing field in Japan's insurance market
WASHINGTON, April 15, 2013 /PRNewswire-USNewswire/ -- The American Council of Life Insurers (ACLI) issued the following statement in response to the announcement last week that the Governments of Japan and United States' are working together in the context of the Trans-Pacific Partnership (TPP) and through parallel bilateral consultations to achieve a level playing field in the insurance industry:
"ACLI welcomes and fully supports Japan's participation in the negotiations to establish an expanded Trans-Pacific Partnership (TPP) agreement. ACLI also welcomes and fully supports the commitment by the governments of Japan and the United States to work together in the context of the TPP and through parallel bilateral consultations to achieve a level playing field in the insurance industry. In addition, we applaud the Government of Japan's decision to refrain from approving new or modified cancer insurance and/or stand-alone medical products of state-owned Japan Post Insurance until equivalent conditions of competition with private sector insurance suppliers have been established, a process the Government of Japan has acknowledged is likely to take several years.
"The agreement is monumental. It is an encouraging step towards achieving a level playing field. Ensuring equivalent conditions of competition will not only benefit private insurers operating in the Japanese market but also Japanese consumers and, ultimately, the Japanese economy. Japan is the world's second largest insurance market and many U.S. insurers have invested in Japan and introduced innovative products and services which have proven highly popular with Japanese consumers.
"TPP offers an opportunity for the U.S. to work with Japan to ensure that competition in the insurance sector is fair, consumers are protected and provided choice of products that best meet their needs, and that the market is efficient and free from distortion. ACLI looks forward to working with both governments to this end."
Learn more at www.acli.com.
SOURCE American Council of Life Insurers