CLHIA responds to Finance Canada consultation on the retail payments system in CanadaRelease Date: 07/14/2015 Staff Reference: Stephen Frank
June 18, 2015
Ms. Lisa Pezzack
Financial Sector Policy Branch
Department of Finance Canada
90 Elgin Street, 13th Floor
Ottawa, ON K1A 0G5
Re: Balancing Oversight and Innovation in the Ways We Pay
Dear Ms. Pezzack,
On behalf of the Canadian Life and health insurance industry, I am pleased to respond to the Department of Finance's consultation paper Balancing Oversight and Innovation in the Ways We Pay (Consultation Paper).
Established in 1894, the Canadian Life and Health Insurance Association (CLHIA) is a voluntary non-profit association with member companies accounting for 99 per cent of Canada’s life and health insurance business.
The Canadian life and health insurance industry provides financial security products to almost 28 million Canadians and manages about two-thirds of Canada's private pension plans. The industry pays almost $1.5 billion in claims to Canadians each week, making the life and health insurance industry one of the heaviest users of the payments system in Canada...