MEDIA RELEASE PR37434
ACLI Joins Other Stakeholders Urging A Level Playing Field In Japan
WASHINGTON, Dec. 5 /PRNewswire-AsiaNet/ --
The American Council of Life Insurers (ACLI) today joined with 11 other global organizations in urging Japan to
honor its commitments under the General Agreement on Trade in Services (GATS) as it considers new postal
reforms.
"It is vital that Japan get this right," said ACLI president and CEO Frank Keating, "because the enormous
international presence and investment in Japan's financial services sector is certain to be affected by the direction
the government takes." Keating added, "The 12 organizations behind the statement -- all of which are stakeholders
in the decisions the government will take -- are united in expressing the view that Japan has a duty to provide
national treatment to foreign participants in its market now, and in the future."
On December 4th Japan's Diet approved legislation which freezes the proposed public offering of stock in Japan
Post Holdings, Japan Post Bank and Japan Post Insurance that had been planned under the postal privatization
policy of the previous government. The effect of the legislation is to set postal policy on a new path which will be
determined after a "comprehensive review" outlined by the Cabinet in October.
"We look at the current developments -- particularly the planned review -- as an opportunity for Japan to deal
with national treatment concerns as they exist under present law, and to adopt new measures ensuring GATS
compliance in the future," Keating said. "It is instructive that such a broad coalition of major organizations is at this
time reiterating its message to Japan regarding the need for equivalent conditions of competition, real transparency
and cooperative involvement among all stakeholders."
"ACLI stands ready to work affirmatively with the U.S. government and the government of Japan to achieve
these goals," Keating concluded.
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association whose 340 member
companies account for 93 percent of the life insurance industry's total assets in the United States, 94 percent of
life insurance premiums and 94 percent of annuity considerations. In addition to life insurance and annuities, ACLI
member companies offer pensions, including 401(k)s, long-term care insurance, disability income insurance and
other retirement and financial protection products, as well as reinsurance. ACLI's public Web site can be accessed
SOURCE: American Council of Life Insurers
CONTACT: George Burke of the American Council of Life Insurers,
+1-202-624-2412,
georgeburke@acli.com
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