This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ACLI Strongly Criticizes Provisional Approval Of Japan Post Insurance Business Expansion

WASHINGTON, Dec. 3, 2012 /PRNewswire-USNewswire/ -- The American Council of Life Insurers (ACLI) issued the following statement in response to the November 30 provisional approval under the Postal Privatization Law of a new Japan Post Insurance (JPI) education endowment product by the Government of Japan:

ACLI strongly criticized today the Government of Japan's decision to provisionally approve Japan Post Insurance (JPI) business expansion under the Postal Privatization Law while JPI continues to benefit from competitive advantages over the private sector. Allowing JPI to expand its product offering runs counter to Japan's national treatment obligations under the World Trade Organization's General Agreement on Trade in Services (GATS) and calls into question Japan's commitment to honoring such obligations.

In its decision, the Government of Japan has failed to evaluate key level playing field issues, including the lack of application of market discipline on JPI and measures necessary to address the problem of 'implicit government guarantees' on JPI products based on an objective assessment of its actual impact in the market place, among others. The Government of Japan also failed to take into account the Diet Supplemental Resolutions to the Bill to Revise, etc., the Postal Privatization Law, etc. to ensure equivalent conditions of competition.

Despite years of serious dialogue with the U.S. and the European Union, among others, assurances from Japan and the clearly stated positions of other government and private sector stakeholders, the Government of Japan is tilting the already uneven playing field further in favor of JPI. As the ACLI has previously stated, this decision sends exactly the wrong message, undercutting efforts to open other major insurance markets, which Japan otherwise supports. In fact, Japan's own insurance industry has objected strongly to this misguided decision.

ACLI believes that the establishment of a level playing field is critical for the sound development of the Japanese insurance market. Granting new competitive advantages to Japan Post will not improve citizens' lives.  Instead, it will harm the employees, sales agents, contractors, and investors of Japan Post's private sector competitors; reduce consumer choice; distort Japan's economy; and reduce opportunities for economic growth.

ACLI reaffirms its call for the establishment of a level competitive playing field in Japan's insurance market and urges the Government of Japan to remove special statutory and regulatory privileges given to government-owned JPI to bring Japan into compliance with its international obligations, including Japan's national treatment commitments under GATS. ACLI expects the Government of Japan to objectively and deliberately consider Japan Post Insurance expansion without political influence.

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 advocates in federal, state and international forums. Its members represent more than 90 percent of the assets and premiums of the U.S. life insurance and annuity industry. In addition to life insurance, annuities and other workplace and individual retirement plans, ACLI members offer long-term care and disability income insurance, and reinsurance. Its public website can be accessed at www.acli.com.

SOURCE American Council of Life Insurers

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,934.90 -50.71 -0.30%
S&P 500 1,964.79 -8.04 -0.41%
NASDAQ 4,404.6440 -14.39 -0.33%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs