What Is the American Council of Life Insurers (ACLI)?
The American Council of Life Insurers (ACLI) is an association of American life insurance providers. The ACLI is based in Washington D.C. but its members span the entire nation. The organization deals with legislation on all levels of government that pertains to the treatment of life insurance. ACLI also promotes the life insurance industry to the public through various means of advertising and communication. It is considered a self-regulatory organization.
- The American Council of Life Insurers (ACLI) is an association of American life insurance companies that supports its members in assisting individuals with financial stability and retirement planning.
- The ACLI consists of 280 member companies covering 90 million families in the U.S., representing 95% of industry assets.
- Products and services offered by these companies include life insurance, retirement planning, disability income insurance, and annuities.
- The ACLI focuses its attention on covering three primary areas, which are helping Americans prepare for retirement, protecting Americans from financial uncertainties, and strengthening the economy.
Understanding the American Council of Life Insurers (ACLI)
The American Council of Life Insurers (ACLI) acts as a center point of information pertaining to life insurance that reaches the public. Both stock and mutual life carriers are members of the council as it has a full understanding of the industry and the array of available products.
The ACLI supports 280 member companies located across the country that provide "products and services that promote consumers’ financial and retirement security." ACLI members represent 95% of industry assets and cover 90 million families. Products offered by the member companies include life insurance, annuities, long-term care insurance, disability income insurance, reinsurance, dental and vision, retirement plans, and other supplemental products.
The ACLI provides a tremendous amount of information, including webinars, data, and various advocacy measures and programs, as well as events and retreats for members.
Responsibilities of the American Council of Life Insurers (ACLI)
The American Council of Life Insurers (ACLI) focuses its tasks on three main areas. These are helping prepare Americans for retirement, protecting Americans from financial uncertainties, and strengthening the economy.
In regards to helping Americans prepare for retirement, ACLI members provide annuities, employer-based retirement plans, and other retirement plans. According to the ACLI, life insurers are the leading providers of retirement services, accounting for 15% of all defined contribution plan assets and 13% of individual retirement account (IRA) assets.
In its objective of protecting Americans from financial uncertainties, ACLI members provide life insurance, disability income insurance, and long-term care insurance. According to the ACLI, life insurance companies paid out $1.9 billion every day in 2017 through all of the life insurance related products.
As accounted by the ACLI, 2.4 million jobs in the U.S. are created by life insurers, which encompasses direct employees of life insurance companies, individuals that sell life insurance products, and jobs that are not life insurance related but support the industry. According to the ACLI, life insurers are the largest investors in domestic corporate bonds and 90% of industry assets are invested in the U.S. economy. It is for this reason that the life insurance industry is critical to the health of the U.S. economy, which the ACLI seeks to support and grow.
American Council of Life Insurers (ACLI) Leadership
The American Council of Life Insurers named Susan Neely as president and CEO of the ACLI in May 2018. She was formerly president and CEO of the American Beverage Association (ABA).
As president and CEO of ABA, Neely served as the policy and public education advocate for the non-alcoholic beverage industry for 13 years. Prior to that role, she served as assistant secretary for public affairs for the U.S. Department of Homeland Security from 2003-2005 and served as a special assistant to President George W. Bush between 2001-2002, where she was one of the architects of the U.S. Department of Homeland Security.
Neely has also served in several senior government and public affairs roles during her career, including at the Association of American Medical Colleges and the Health Insurance Association of America, where she created and oversaw a variety of national, award-winning advocacy programs and initiatives.