CANADIAN LIFE AND HEALTH INSURERS WELCOME THE FEDERAL BUDGET
News ReleaseRelease Date: 03/22/2011 Staff Reference: Janice Hilchie
(Ottawa) -- The Canadian life and health insurance industry applauds the government's budget announcement today to continue its commitment to a low-tax plan for jobs and growth. The industry also fully supports the federal government’s plan to move forward on financial literacy and to help people save for retirement through Pooled Registered Pension Plans (PRPPs).
“The appointment of a Financial Literacy Leader, and ongoing financial support, shows the government's commitment to move quickly to ensure that Canadians have the basics they need to lead fiscally responsible lives,” said Frank Swedlove, President of the Canadian Life and Health Association (CLHIA). The industry is pleased to continue its work with the government to advance this initiative.
“Reinforcing the commitment to set up Pooled Registered Pension Plans means there are retirement savings solutions on the near horizon,” added Frank Swedlove. PRPPs will provide a simple, low cost option to Canadians, particularly those in small and medium sized businesses, to save for retirement through payroll deductions. The industry urges the government to adopt this initiative as soon as possible.
There were a number of other initiatives announced in the budget that the industry supports, including the recognition of the need to support Canadians' long-term and chronic care needs. The industry also strongly supports the government's ambitious free trade and investment agenda as well as its commitment to continue to play a lead role in advancing the G20 financial sector reform agenda.
The Canadian life and health insurance industry provides a wide range of financial security products, including life insurance, annuities and supplementary health insurance, to about 26 million Canadians. The industry administers more than two-thirds of pension plans for Canada's small and medium-sized businesses and the vast majority of group RRSPs. 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.
Media enquiries contact: Janice Hilchie, Vice President, Legislative Relations (613) 230-0031