LIFE AND HEALTH INSURANCE INDUSTRY SUPPORTS INFRASTRUCTURE AND FINTECH GOALS IN 2019 REVIEW OF FINANCIAL SERVICES LEGISLATION
News ReleaseRelease Date: 10/10/2017 Staff Reference: Wendy Hope
(Toronto, October 10, 2017) – The Canadian life and health insurance industry is supportive of the policy direction that Finance Canada is taking with respect to modernizing the federal financial sector framework. “In particular, we are pleased that the government has identified both infrastructure and fintech -- two key areas in which our industry would be interested in playing a larger role,” noted Stephen Frank, President and CEO of the Canadian Life and Health Insurance Association (CLHIA).
“Canada has a large infrastructure gap that must be addressed and our industry is well positioned to play a stronger role than we do today,” added Mr. Frank. In addition, the industry has recommended that Finance Canada consider creating a new category for investment to capture “qualifying investments”, such as for infrastructure, which would provide regulatory flexibility to encourage more investment in these types of assets. “Further the industry is seeking a greater ability to invest in and partner with fintechs to drive innovation and, ultimately, benefit Canadian consumers.”
The CLHIA’s submission is also supportive of a number of other areas including: further engagement on health-related impacts associated with climate change or catastrophic events; and corporate governance changes such as promoting diversity on boards and mandating individual director elections.
About the CLHIA
The CLHIA is a volunteer association whose member companies account for 99% 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 more than 28 million Canadians. It also holds over $810 billion in assets in Canada and employs nearly 155,000 Canadians.
For more information:
Wendy Hope, Vice President, External Relations