TORONTO, Nov. 23, 2011 /CNW/ - The Canadian life and health insurance industry welcomes the Financial System Review Act released by the federal government today.
"It is important that legislation be periodically reviewed so that it
keeps up with the changing environment," says Frank Swedlove, President
of the Canadian Life and Health Insurance Association (CLHIA). "We are
pleased that the government appears to be on schedule to meet the
sunset deadline of April 20, 2012."
The industry welcomes a number of measures outlined in today's
announcement. In particular, it is pleased to see commitments to:
reducing the administrative burden for federally regulated insurance
companies offering adjustable policies in foreign jurisdictions;
permitting mutual funds controlled by insurers through segregated fund
investments to hold market-indexed shares in managing life insurance
changing the priority status of segregated fund policies in insolvency
situations to facilitate timely transfer.
The CLHIA will now move ahead with reviewing the legislation in detail
and looks forward to contributing as the Bill goes through the
The Canadian life and health insurance 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. 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.
SOURCE Canadian Life and Health Insurance Association Inc.
For further information:
Media enquiries: Wendy Hope, Vice President, External Relations - (613) 230-0031