US insurers ask the Biden government to intervene and take a case to the G-20

US insurers ask the Biden government to intervene and take a case to the G-20
US insurers ask the Biden government to intervene and take a case to the G-20

The controversial annuity advances approved by Congress not only They have been part of the discussion in Chile, but they also already reach diplomatic borders.

One of the actors that reacted most actively is the American Council of Life Insurers (ACLI), an organization that has among its members companies with operations in Chile, such as Principal, Metlife and Ohio National.

Now, the union has hardened the wheel of its actions, since last week it sent a letter to the Secretary of the Treasury of the United States, Janet Yellen, to take measures against the advances of annuities in Chile.

Specifically, the ACLI asked the White House financier, led by Joe Biden, to raise the concern generated by annuity withdrawals to different international organizations where the United States has influence, such as the G-20, a group of the most powerful countries in the world, which includes giants such as China, Australia, the United Kingdom, among others.

“If the Department facilitates raising this problem as incompatible with international standards, we hope that international attention can stop further underfunding and support prudential supervision to protect consumers and financial stability,” says the letter signed by the president of the ACLI, Susan Neely, accessed by DF.

“These actions are disproportionately hurting the middle class and women in their retirement security and we believe it is justified to raise this to the G-20,” adds the letter sent to Yellen.

Chile’s commitments

The ACLI letter also accuses that annuity withdrawals violate the commitments made by Chile before international organizations, such as the OECD.

“We believe that the defunding of private pension assets recently adopted and currently in implementation, and the violation of the inviolability of the annuity contract are fundamentally inconsistent with Chile’s commitments to the OECD and directly violate consumer protection and stability provisions. financial and market of the organisms that establish international standards recognized by the Council of Financial Stability (FSB, for its acronym in English) “, indicates the letter of the ACLI.

The document sent to Yellen recalls that the withdrawals have been rejected by the Central Bank, the Commission for the Financial Market and the Chilean government, as well as the OECD itself.

“The micro and macroeconomic impact will harm our consumers and we hope that the negative trend of underfunding will stop, so we request your Department’s consideration of how the United States can support the security of the Chilean funded pension system model against underfunding and expropriation, “they petitioned the White House.

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