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____ Wednesday March 23, 2016 ____

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Federal Budget 2016

Life and Health Insurance Industry Welcomes Budget Initiatives

Ottawa - The Canadian life and health insurance industry welcomes the federal budget initiatives. "We are particularly pleased with the focus on infrastructure and look forward to making an important contribution as the Government moves to the next phase of the plan," says Frank Swedlove, President and CEO of the Canadian Life and Health Insurance Association (CLHIA).

Canada's life and health insurers are among the largest investors in the country, holding $630 billion in assets for the long-term. Given the industry's need for long-term investments we also are encouraged by the Government's intention to consider the release of 50-year bonds over the next year.

The life and health insurance industry is supportive of the Government's intention to extend the deadline for the Financial Sector Review to 2019. "Given all the technical changes that have been implemented over the past few years, it is entirely appropriate to extend the deadline for the financial sector review and the life and health industry will be active participants in the process," stated Mr. Swedlove.

The life and health insurance industry also welcomes the proposed consultations on reforms to the Canada Pension Plan (CPP). "We believe that the CPP levels should be reviewed, but the private sector should also play a key role in retirement savings by Canadians," stated Mr. Swedlove.

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