CLHIA welcomes announcement of cost reporting disclosure changes for investment funds and segregated funds
News ReleaseRelease Date: 04/20/2023 Staff Reference: Kevin Dorse
(Toronto – April 20, 2023) The Canadian Life and Health Insurance Association (CLHIA) welcomes the changes announced today affecting total cost reporting (TCR) disclosure for both investment funds and for individual segregated fund contracts.
The CLHIA is pleased that these changes are being made simultaneously for both investment products and are highlighting the collaborative approach that led to it.
“Today’s announcement demonstrates the positive outcomes that can happen when regulators and insurers work together on matters of joint concern that put the consumer first,” said Stephen Frank, President and CEO of the CLHIA. “This is the result of a multi-year collaborative effort between the insurance and investment industries and regulators. It will result in better information for consumers to make informed investment choices and allow for continued strong competition and innovation in the market.”
The announcement from the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators (CCIR) will require that additional expense information be added to information investors receives so they may understand the costs associated with the products they hold.
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 financial security products including life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to over 29 million Canadians. They hold over $1 trillion in assets in Canada and employ more than 166,000 Canadians.
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