CANADIAN AND U.S. INSURANCE INDUSTRIES TO JOIN FORCES TO PROMOTE IMPROVED GLOBAL TRADE
News ReleaseRelease Date: 02/06/2012 Staff Reference: Wendy Hope; Janice Hilchie
OTTAWA -- The Canadian Life and Health Insurance Association (CLHIA) and the American Council of Life Insurers (ACLI) announced today a joint effort to promote trade liberalization and regulatory efficiency in anticipation of Canada's entrance into the Trans-Pacific Partnership (TPP).
In a statement by the two organizations, CLHIA President Frank Swedlove and ACLI President and CEO Dirk Kempthorne expressed their belief that Canada and the U.S. can play a leadership role in developing a Pacific and hopefully global set of rules to specifically address the World Trade Organization (WTO) priorities of state-owned enterprises, data flows and forced localization.
The TPP will leverage the high standards already achieved in the Canadian and U.S. Free Trade Agreements by bringing together like-minded nations to develop clear actions to fully remove traditional market access and national treatment barriers, provide greater transparency and, most importantly, address new forms of protectionism not captured in the WTO.
It is both the CLHIA's and ACLI's view that the TPP can also forge an important link between trade agreements and the development of international regulatory standards by the International Association of Insurance Supervisors (IAIS), the Financial Stability Board and the G20. The TPP can simultaneously provide for strong and efficient regulations that assure a level playing field for all market participants.
About the TPP
The Trans Pacific Partnership (TPP) is a regional trade agreement being negotiated between: Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, the United States and Vietnam. Canada, Mexico and Japan have applied for admission. TPP members are negotiating an ambitious, 21st-century agreement that will enhance trade and investment among the partner countries, promote innovation, economic growth and development, and create jobs. The TPP represents a market potential of more than 775 million people with a combined GDP of $25.7 trillion.
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.
The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI members represent more than 90 per cent of the assets and premiums of the life insurance and annuity industry. In addition to life insurance and annuities, ACLI member companies offer pensions, 401(k) and other retirement plans, long-term care and disability income insurance, and reinsurance.
-30-Media enquiries contact:
CLHIA: Wendy Hope, Vice President, External Relations (613) 230-0031 or (613) 986-1853 OR Janice Hilchie, Vice President, Government and International Relations (613) 230-0031
ACLI: Jack Dolan, Vice President, Media Relations (202) 624-2418