The directors of the American Council of Life Insurers have voted to support efforts by the National Association of Securities Dealers and the New York Stock Exchange to merge their regulatory operations.
Frank Keating, president of the ACLI, Washington, says the ACLI board agreed to endorse the merger Jan. 11 “after careful deliberation.”
“Regulatory efficiency is a top priority for life insurers and their affiliated broker-dealers,” Keating says in a statement about the proposed combination. “We see this proposed merger as a positive step in that direction.”
The ACLI “looks forward to working with the new organization to ensure the interests of life insurers and their policyholders are thoroughly addressed,” Keating says.