OTTAWA, March 21, 2013 /CNW/ - The Canadian life and health insurance
industry sees both challenges and opportunities ahead in a number of
the measures announced in today's federal budget.
There are tax measures that were applied to annuities and loan
arrangements involving life insurance policies that we need to examine
more closely to determine their impact. "We are hopeful that there will
still be opportunities for further consultation before any new measures
are put in place," said Frank Swedlove, President of the Canadian Life
and Health Insurance Association.
The industry also welcomed other initiatives, in particular:
The recognition of the importance of the strong Canadian financial
services sector to the economy and the need to promote the sector in
The provision of further opportunities for the industry to enhance its
long-term investments through the Canadian P3 market.
The broadening of the residency options for board members to better
reflect the global scope of Canadian financial services corporations.
A greater focus on long-term bond issuances by the Canadian government
over the next decade.
"We are pleased that the government clearly recognizes the insurance
industry as strong contributors to the Canadian economy and we look
forward to working with the government as they move ahead with Canada's
Economic Action Plan," added Mr. Swedlove.
The Canadian life and health insurance industry provides a wide range of
financial security products, including life insurance, annuities
(including RRSPs, RRIFs and pensions) and supplementary health
insurance, to almost 27 million Canadians and their dependents.
Established in 1894, the CLHIA is a voluntary association whose member
companies account for 99 per cent of Canada's life and health insurance
SOURCE: Canadian Life and Health Insurance Association Inc.
For further information:
Media enquiries contact: Wendy Hope, Vice President, External Relations (613) 230-0031