The Canadian Life and Health Insurance Association (CLHIA) is continuing its lobbying efforts across the country, this time sending a submission to the Minister of Finance in Prince Edward Island (PEI), outlining the industry’s concerns about dental and rare disease strategies being contemplated by the federal government.
“Collaboration with our sector and the province is essential,” the submission states, adding that governments and the industry need to ensure that as federal programs are expanded to more individuals, that these efforts do not put existing benefits plans at risk. “We believe that providing targeted support to those who do not have coverage helps fill the gaps and is fiscally responsible,” they add.
Like an earlier submission made to the government of Alberta, the submission also calls on the province to eliminate its tax on life, health and disability insurance premiums. In PEI these amounted to $7.8-million in 2021. It also recommends amendments to the Employer Standards Act to permit the use of automatic features in voluntary workplace pension plans.
Repeating its call also for governments to look more seriously at the industry as a long-term partner in infrastructure development as well, the CLHIA points out that the nature of life and health insurance products and their long-term liabilities make life insurers ideal financial backers for long-term infrastructure projects, including public-private partnerships. “This inherent structural advantage makes the industry an important and stable investor,” they write. “The industry is able and wants to do more.”
The submission concludes with a call for the province to update its Insurance Act, alongside similar developments occurring in New Brunswick and Nova Scotia, to harmonize the legislation with other provinces. “Given that CLHIA member have business all across the country, it is important that there is consistency in the rules governing the insurance business.”
