Life and Health Insurance Industry Welcomes Budget Measures

OTTAWA, April 21, 2015 /CNW/ - The Canadian life and health insurance industry welcomes a number of measures in today's federal budget. "We are particularly pleased with those aimed at enhancing opportunities for long-term investment," says President and CEO of the Canadian Life and Health Insurance Association (CLHIA) Frank Swedlove. "We support the increased funding for infrastructure, most notably the recognition that P3 alternative financing can be an effective contributor. We also support the further release of 50-year government bonds over the next year," he noted.

The CLHIA also welcomes legislative amendments to modernize, clarify and improve protection of prescribed supervisory information. "This is something we have been asking for and we are pleased that the government has recognized its importance to confidence in, and the stability of, our financial system," added Swedlove.

Initiatives to improve the efficacy of Canada's health care system are also welcomed, including tax benefits to help seniors and disabled Canadians stay in their homes, renewed support for the Canadian Mental Health Commission, and the creation of a Foundation to identify savings and efficiencies in the health system.

About the CLHIA

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 28 million Canadians. It also holds close to $647 billion of assets in Canada and employs about 150,100 Canadians.

SOURCE Canadian Life and Health Insurance Association Inc.

Related Links

http://www.clhia.ca