American Council of Life Insurance
Definition - What does American Council of Life Insurance mean?
American Council of Life Insurance is an organization that is composed of companies that sell life insurance in the United States. It tries to influence laws regarding the industry. It also spreads awareness and information about life insurance by advertising in mass media forms.
Insuranceopedia explains American Council of Life Insurance
American Council of Life Insurance has its headquarters in Washington, D.C. In its website, it claims to have 280 company members.
What this council does is lobby for laws that will help the insurance industry. One of the laws that it successfully lobbied was the Insurance Capital Standards Clarification Act of 2014 that essentially differentiated how the industry should be treated differently from another industry like banking.
Aside from reaching out to lawmakers (such as congressmen), it also launches advertising campaign for reforms in legislation regarding insurance as well as promoting the industry, in general.