Comments About - ACLI - American Council of Life Insurers

  • The huge amount of resource material furnished by Gary E. Hughes, Chief Counsel, Securities of the American Council of Life Insurance has made this study far more meaningful.

1992 - LR - Banking and Insurance - Should Ever the Twain Meet?, by Emeric Fischer - 101p

  • (p3-4) - Senator Howard Metzenbaum (D-OH) - The purpose of our hearing today is to determine what this committee can do to put a stop to this shell game that life insurance companies are playing with consumers.
  • Our investigation showed that many companies offer misleading illustrations, including the five companies whose illustrations you see here today. While these companies cooperated with the subcommittee by providing materials, none of them wanted to present testimony here today.
    • We invited the American Council of Life Insurance to testify, but they also did not want to come. They said it was "inappropriate" for them to be "further involved in these matters."
  • I think the absence of the companies and the ACLI at the witness table says a lot about the industry's commitment to providing consumers with clear and comprehensive information about life insurance policies.
    • I am now convinced that the ACLI and the life insurance companies think that they can keep a sufficient hold on legislation in this area that they don't need to move.
    • Well, maybe the glare of publicity about their reprehensible practices will make them realize that it is not the legislation that this body may or may not pass alone, but this body's ability to show the American consumer some of the pretty close to fraudulent practices that the companies are engaging in.
  • This is an industry that has tremendous respect in this country, and they have used that respect that they have had to take advantage of consumers in this country.
  • They have used the position to pretty much control the State regulators, and they have used the position to pretty much have their will in the halls of Congress.
  • I think it is high time that the people of this country become aware of some of the practices, too many of the practices, that just about all of the life insurance companies are using today to rip off the American consumer. 

1992 0623 - GOV (Senate) - Consumer Disclosure of Insurance, Howard Metzenbaum (D-OH)  ---  [BonkNote]