CLHIA Submission on FSCO Mandate ReviewRelease Date: 12/18/2015 Staff Reference: Leslie Byrnes
December 18, 2015
Expert Advisory Panel -- FSCO/FST/DICO Mandate Review
Ministry of Finance
Members of the Expert Advisory Panel:
The Canadian Life and Health Insurance Association (CLHIA) is pleased to provide comments on the Preliminary Position Paper of the Expert Advisory Panel (Panel) Review of the Mandates of the Financial Services Commission of Ontario (FSCO), the Financial Services Tribunal (FST) and the Deposit Insurance Corporation of Ontario (DICO).
Established in 1894, CLHIA is a voluntary trade association that represents the collective interests of its member life and health insurers which, together, account for 99% of the life and health insurance in force in Canada. Our members contribute to the financial well-being of millions of Canadians by providing a wide range of financial security products, including almost $4.2 trillion of life insurance coverage. During 2014 in Ontario, life and health insurers made benefit payments of $40.3 billion, or roughly $775 million a week, to policyholders and beneficiaries. The industry has 67 head offices in Ontario, employs approximately 69,100 people, and invests over $265 billion in the provincial economy.
We commend the Panel for its extensive consultation with industry and other stakeholders, and the thoughtful suggestions put forth in the paper...