ACLI Welcomes Efforts by U.S. and E.U. Governments to Resolve Japan Post Issue

WASHINGTON, May 23 /PRNewswire-USNewswire/ -- Today, the American Council of Life Insurers (ACLI) praised joint efforts by the U.S. and E.U. governments to resolve a long-standing disagreement with the Government of Japan over its preferential treatment of Japan Post Insurance, and again urged Japan to live up to its commitments under the General Agreement on Trade in Services (GATS).

Frank Keating, President and CEO of ACLI said, "We appreciate the unparalleled cooperation between the U.S. and E.U. governments to forcefully raise the international community's longstanding concerns over the preferential treatment for Japan Post Insurance.  In particular, we would like to thank U.S. Ambassador to the WTO Michael Punke and the USTR team for their strong leadership of the recent joint U.S.—E.U. talks with Japan in Geneva on this issue.  We hope the talks will lead to a speedy resolution of the international community's outstanding concerns."  

On April 30, the Government of Japan issued a Cabinet Decision approving new Japan Post legislation that fails to address longstanding concerns regarding favorable treatment provided to Japan Post Insurance. ACLI believes the legislation could in fact place foreign insurers at a greater disadvantage.  

ACLI respectfully urges Japan to use the time remaining before the new postal legislation is finalized as an opportunity to live up to its national treatment obligations under the GATS and ensure a level playing field with private sector insurers.

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI members represent more than 90 percent of the assets and premiums of the life insurance and annuity industry. In addition to life insurance and annuities, ACLI member companies offer pensions, 401(k) and other retirement plans, long-term care and disability income insurance, and reinsurance. ACLI's public Web site can be accessed at www.acli.com.

SOURCE American Council of Life Insurers