This Day On The Street
Continue to site
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

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

SOURCE American Council of Life Insurers

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 This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.66 -3.20%
FB $116.73 7.20%
GOOG $691.02 -2.10%
TSLA $249.30 -0.86%
YHOO $36.57 -1.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs