Submission to Ontario concerning the proposed regulations under Parts V & VII of the Insurance ActRelease Date: 05/19/2015 Staff Reference: Craig Anderson
Insurance Policy Branch, Ministry of Finance
Frost Building North, 4th Floor
95 Grosvenor Street
Toronto, Ontario M7A 1Z1
Re: Parts V and VII Insurance Act Consultation
The following is the submission of the Canadian Life and Health Insurance Association (CLHIA) providing input into the proposed regulations in relation to the amendments to Parts V and VII of the Insurance Act in accordance with the consultation document of April 2, 2015.
Established in 1894, CLHIA represents life and health insurers accounting for 99% of the life and health insurance business in Canada. With 73 companies headquartered in the province, including two ranked in the top 20 in the world, the life and health insurance industry is a major contributor to Ontario’s economy. The industry directly employs over 67,000 Ontarians and has investments of over $240 billion in the province. The industry pays over $36 billion in benefits each year to Ontarians through life and health insurance products including annuities, RRSPs, disability insurance and supplementary health plans...