2013 Manitoba Budget SubmissionRelease Date: 02/27/2013 Staff Reference: Peggy McFarland
February 27, 2013
The Honourable Stan Struthers
Minister of Finance
Department of Finance
103 Legislative Building
Winnipeg, MB R3C 0V8
Please find enclosed a submission from the Canadian Life and Health Insurance Association (CLHIA) on your forthcoming Budget.
Established in 1894, 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 Manitoba’s economy. The head offices of three life and health insurers are located in Manitoba, including one in the top 10 in the world. The industry directly employs almost 6,500 Manitobans and has almost $18 billion invested in the province. Last year, the industry paid almost $2.5 billion in benefits to Manitobans through life and health insurance products including life insurance, annuities, RRSPs, disability insurance and supplementary health plans.
This submission proposes that Manitoba:
- enact measures to facilitate the provision of Pooled Registered Pension Plans (PRPPs), which are prudent, efficiently-managed, private pension plans, that would be available to Manitoba workers, particularly within smaller businesses, and the self-employed, thus vastly improving access to a pension plan for Manitobans,
- express its intention to reverse the Retail Sales Tax on insurance premiums as soon as possible, but at least by when Manitoba moves out of deficit,
- work with the federal government and the other provinces to develop a system to allow loss transfers among corporate groups.
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