Canadian Life and Health Insurance Association Inc.

Canadian Life and Health Insurance Association Inc.

February 09, 2011 15:15 ET

Life and Health Insurance Industry Applauds National Financial Literacy Initiatives

TORONTO, ONTARIO--(Marketwire - Feb. 9, 2011) - The Canadian life and health insurance industry welcomes and supports the priorities identified in the final report of the Task Force on Financial Literacy announced this morning. "We congratulate the Task Force on this landmark initiative and welcome the opportunity to partner with government in helping all Canadians to become more informed consumers," said Frank Swedlove, President of the Canadian Life and Health Insurance Association.

In particular, the industry is pleased with the Report's focus on the importance of lifelong learning and leveraging the increasing understanding of peoples' biases around financial decisions. As well, we believe establishing a single website where all Canadians will be able to access financial information represents a major step forward. A coordinated approach that recognizes the shared responsibility across all stakeholders will provide a trusted reference for Canadians who want information and education on financial products. We are also pleased that the report emphasizes the importance that all documentation is written in a manner that is understandable. The life and health insurance industry is a long-time advocate and supporter of financial literacy and we are pleased to continue to work with the government on this initiative.

The Canadian life and health insurance industry provides a wide range of financial security products, including life insurance, annuities (including RRSPs, RRIFs and pensions), segregated funds, and supplementary health insurance, to about 26 million Canadians. Established in 1894, the CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business.

Contact Information

  • Media contact:
    Canadian Life and Health Insurance Association Inc.
    Wendy Hope
    Vice President, External Relations
    416-777-2221