Life and Health Insurance Industry welcomes Alberta Insurance Legislation Amendments

    TORONTO, Nov. 5 /CNW/ - The Canadian life and health insurance industry
welcomes long-awaited amendments to Alberta's Insurance Act which received
Royal Assent on November 4, 2008 and strongly encourages other provinces to
follow Alberta's lead.
    "This is a major development in the evolution of insurance regulation in
Canada and we congratulate the province of Alberta for its leadership in
passing this important legislation," said Frank Swedlove, President of the
Canadian Life and Health Insurance Association (CLHIA). "This new and improved
legislation serves as a model for other provinces to follow and we call upon
other provincial governments to immediately address their own insurance
legislation in the interest of harmonization."
    The Uniform Life and Accident and Sickness parts of the insurance
legislation in Canada's common-law provinces have not been fundamentally
changed in almost 40 years. "This Alberta initiative creates an ideal
opportunity for insurance legislation across the country to be modernized to
better reflect the needs of consumers," added Mr. Swedlove.

    Established in 1894, the CLHIA is a voluntary association whose member
companies account for 99 per cent of Canada's life and health insurance
business. The industry provides a wide range of financial security products
such as life insurance, annuities (including RRSPs, RRIFs and pensions) and
supplementary health insurance to about 26 million Canadians.

For further information: Media enquiries: Wendy Hope, Vice President,
External Relations (416) 777-2221