CANADIAN LIFE AND HEALTH INSURANCE INDUSTRY WELCOMES OUTCOME OF FINANCE MINISTERS' MEETING
News ReleaseRelease Date: 12/20/2010 Staff Reference: Wendy Hope
Toronto – The life and health insurance industry applauds the decision of federal, provincial and territorial Finance Ministers to move ahead with establishing Pooled Registered Pension Plans (PRPPs). "The Finance Ministers have hit a bull's-eye on behalf of Canadians. For the first time, the majority of Canadians in the private sector who don’t have the option of saving for retirement at the workplace will have the opportunity to do so," said Frank Swedlove, President of the Canadian Life and Health Insurance Association (CLHIA).
The CLHIA and its member companies are committed to cooperating with governments to put this option into place as quickly as possible. "We have the infrastructure in place and can move quickly once the appropriate regulations and legislation have been passed," noted Mr. Swedlove.
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. Canada's life and health insurance industry currently administers 70 per cent of Canadian pension plans.
Vice President, External Relations