Insurer Groups Form Global Business Unit

By Steven Brostoff, Washington Editor

NU Online News Service, July 25, 2:33 p.m. EST,Washington?The American Insurance Association is joiningwith the American Council of Life Insurers in a new, coordinatedeffort to advance global trade in insurance.

The two Washington-based Associations will create a jointstrategic planning committee aimed a promoting industry unity ontrade issues.

"We know that the insurance industry is extremely effective onmajor international trade issues when it speaks with one voice,"said John Savercool, vice president of federal affairs for AIA.

"This formalization of the already effective AIA-ACLIcollaboration will help ensure that U.S. insurers are united ontheir major international trade goals and objectives, a unity thatwill benefit the industry and allow us to make our case moreeffectively to U.S. trade officials and our trade partners," hesaid.

Brad Smith, managing director for international relations withACLI, said that a formal, unified planning and coordinationmechanism will allow the associations to leverage the industry'sresources and expertise for member companies that are looking toexpand globally.

In addition to the ongoing opening of the insurance market inChina, the associations said they will work in other areas,including future market openings in Japan, India and Vietnam, andinternational regulatory developments.

The associations said they will coordinate with U.S. governmenttrade negotiators and strengthen relationships with their overseascounterparts and the broader U.S. financial services industry.