The Canadian life and health insurance industry says it welcomes a number of the measures announced in Thursday’s federal budget.

The Canadian Life and Health Insurance Association says it was particularly pleased to see the commitment to introduce legislation to require federally-regulated employers to insure the long-term disability plans offered to employees. “This is extremely meaningful for Canadian employees who work for companies under federal jurisdiction. Insuring LTD plans is the only way to fully protect those who become disabled if their employer goes bankrupt,” says Frank Swedlove, president of CLHIA. “We believe the provinces should adopt similar legislation so all workers are protected.”

CLHIA also appreciates the government’s ongoing commitment to implementing Pooled Registered Pension Plans. “When implemented, PRPPs will benefit the millions of Canadians who currently do not have access to a retirement plan in the workplace. The greatest benefit will be for those who work for small and medium-sized businesses,” adds Swedlove.

Other measures supported by CLHIA include:

the introduction of legislative amendments to allow public sector investment pools to directly invest in Canadian financial institutions;
the clarification that life annuities are a life insurance product separate from banking; and
the ongoing commitment to enhance trade and investment opportunities for Canadian business in key markets such as China, India, the EU and the broader Asia Pacific region.