2017 British Columbia Budget SubmissionRelease Date: 10/14/2016 Staff Reference: Peggy McFarland
October 14, 2016
The Honourable Wm. Scott Hamilton, MLA
Chair, Select Standing Committee on Finance and Government Services
Room 224, Parliament Buildings
Victoria, B.C. V8V 1X4
Dear Mr. Hamilton:
Please find attached a submission from the Canadian Life and Health Insurance Association (CLHIA) providing input to your Committee's deliberations on British Columbia's 2017 Budget.
CLHIA represents life and health insurers accounting for 99% of the business in Canada. The life and health insurance industry is a major contributor to B.C.’s economy, with 16,000 British Columbians directly employed by the industry and with investments in the province of almost $80 billion. In 2015, the industry paid $9.7 billion in benefits to British Columbians through supplementary health plans, life insurance, annuities, RRSPs, and disability insurance. In addition, the life and health insurance industry paid $170 million in corporate income tax, premium tax and other taxes in British Columbia...