Canadian and U.S. life insurance associations team up to promote global trade

By Donna Glasgow | March 07 2012 09:33PM

In early February, the Canadian Life and Health Insurance Association (CLHIA) and the American Council of Life Insurers (ACLI) announced a joint effort to promote trade liberalization and regulatory efficiency in anticipation of Canada’s entrance into the Trans-Pacific Partnership (TPP).
gotiated between: Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore, the U.S. and Vietnam. Canada, Mexico and Japan have applied for admission. The goal is to enhance trade and investment among the partner countries, promote innovation, economic growth and development and create jobs.

In a joint statement, Frank Swedlove, president of the CLHIA, and Dirk Kempthorne, president and CEO of ACLI, said that they have agreed that “the two national insurance bodies recognize that economic growth and job creation in our respective markets depend significantly on our ability to work collaboratively with key trading partners to promote free and open trade and investment. The United States and Canadian industries work collaboratively on many fronts and we jointly welcome the new opportunity which TPP offers.”

Forging links
They added that it is both the CLHIA’s and ACLI’s view that the TPP can forge an important link between trade agreements and the development of international regulatory standards by the International Association of Insurance Supervisors (IAIS), the Financial Stability Board and the G20. “The TPP can simultaneously provide for strong and efficient regulations that assure a level playing field for all market participants.”