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October 13, 2020 at 03:39 AM
The American Council of Life Insurers (ACLI) wants Congress and state government to help life insurers invest more money in underserved communities.
The life insurer group has included an investment incentive provision in a new Economic Empowerment and Racial Equity Initiative (EERE).
The ACLI unveiled the initiative today, during an annual conference session held over the internet.
Resources
- Links to EERE initiative documents are available here.
- An earlier article about ACLI opportunity equality efforts is available here.
The Washington-based life insurer group put a cautious statement summarizing the EERE proposal on an EERE website:
Consistent with stringent state investment requirements, ACLI supports voluntary initiatives which help facilitate institutionally sound investments that bring economic opportunity to underserved.
ACLI supports state and federal legislation establishing tax incentives and other measures that promote investments in underserved communities.
Susan Neely, the ACLI’s president, said at the conference that U.S. life insurers already have $6.3 trillion invested in the United States, in everything from housing to agriculture.
“We make long-term promises, so the nature of our investing looks to long-term, stable returns,” Neely said. “During the 2009 financial crisis, life insurers invested heavily in Build America Bonds — to the tune of $60 billion….about one-third of the total bond issued by the federal government. We endeavor to promote purpose-driven investment in areas like affordable housing, broadband access, and other services benefiting underserved communities.”
George Floyd’s Death
Derek Chauvin, a Minneapolis police force, kneeled on the neck of George Floyd, a Black Minneapolis resident, on May 25, for 8 minutes and 46 seconds, while he was being recorded with a phone camera, and as Floyd died.
Viewings of the the video, and the protests following Floyd’s death, led to shock and intense discussions in the life insurance industry this past summer.
The National Association of Insurance Commissioners has set up a Special Committee on Race and Insurance. The NAIC effort appears to be focusing mainly on insurance products, insurance underwriting, and insurance industry employment.
