Canadian Life and Health Insurance Industry Association Responds to G-20

    OTTAWA, April 8 /CNW/ - The Canadian Life and Health Insurance
Association (CLHIA) welcomes the initiatives announced by the G-20 leaders
last week in London. "We believe that the G-20 has charted a new course for
bringing long-term stability to the global financial services sector," noted
CLHIA President, Frank Swedlove. "The G-20 has adopted measures to deal with
many of the underlying causes of this financial crisis. These measures are
consistent with the recommendations made by the global insurance industry in
its March 27th letter."
    Ahead of last week's G-20 Summit, the CLHIA, along with six other
international insurance associations, transmitted a letter to the G-20 leaders
that set out principles for overhauling the regulation of the financial
services sector.
    In keeping with the industry's letter, the G-20 leaders recognized the
global nature of the financial services sector, urging better coordination
between individual regulators and stressing the need to identify global
systemic risks through effective monitoring. In addition, the G-20 leaders
echoed the concerns of the insurance industry as they relate to the dangers of
trade protectionism and the importance of renewing the standstill agreement on
trade and investment barriers which was reached at their November meeting in
Washington, D.C. Finally, the G-20 also called on accounting standard setters
to continue their work to further improve the applicability of fair value
    Canada's life and health insurance companies rank among the strongest
internationally. As a global industry with assets of almost $900 billion under
management at home and abroad, the Canadian life and health insurance industry
had a substantial stake as well as a strong interest in the decisions taken at
last week's G-20 Summit.

    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:

For further information: Media enquiries: Janice Hilchie, Vice
President, Legislative Relations or Wendy Hope, Vice President, External
Relations, (613) 230-0031

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