Prince Edward Island becomes fifth province to update insurance act
News ReleaseRelease Date: 12/11/2020 Staff Reference: Kevin Dorse
(Toronto, December 11, 2020) – The Canadian Life and Health Insurance Association applauds the passage of legislation to update the Insurance Act of Prince Edward Island.
Among other things, the new legislation includes clarifications to the definition of premiums for life insurance. Prince Edward Island becomes the fifth province in the last year to make such amendments, joining Nova Scotia, New Brunswick, Alberta and Ontario.
“We are pleased that Prince Edward Island and other provinces have taken these steps to provide certainty to consumers in this area” CLHIA President and Chief Executive Officer Stephen Frank said. “We will continue to encourage the remaining provinces to make similar amendments” Frank continued.
Millions of Canadians rely on the life and health insurance industry to provide life, disability, and health insurance as well as for their pensions and retirement savings. Appropriate legislation is vital to allowing the life insurance industry to contribute to the financial security of Canadians.
About the CLHIA
The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business. These insurers provide a wide range of financial security products including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians. They hold nearly $950 billion in assets in Canada and employ more than 157,000 Canadians.
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