U.S. life insurers are trying to defend the North American Free Trade Act (NAFTA).
The American Council of Life Insurers has joined with six other North American insurance trade groups to express support for NAFTA.
NAFTA, which came into force in 1994, reduced or eliminated many of the barriers that had previously separated the economies of the United States, Canada and Mexico.
The ACLI and the six other North American insurance groups say NAFTA has improved consumers’ access to insurance products, by eliminating national insurance carrier ownership restrictions, and by encouraging NAFTA-region governments to provide fair treatment for insurers in the region when buying insurance.
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When negotiators work on updating NAFTA, the top priority should be preserving the existing agreement provisions, the insurance groups say in their statement.