In testimony before the Standing Senate Committee on Banking, Trade and Commerce today, the life and health insurance industry took the opportunity to express its support for the contents and speedy passage of Bill C-8.

“C-8 is vitally important to Canada’s financial services sector” said Claude Garcia, chairman of the board of the Canadian Life and Health Insurance Association and president, Canadian operations, Standard Life, in his testimony before the Committee today.

“The modernized ‘rules of the road’ which the bill proposes are required to permit this key sector of Canada’s economy to meet the challenges and grasp the opportunities of the rapidly changing marketplace of the 21st century,” he added.

The CLHIA says the industry is firm in its view that Bill C-8 will provide not only enhanced protection for Canadian consumers, but also increased competitive flexibility for life and health insurers and for the Canadian financial services industry in general.

A copy of the CLHIA’s Submission to the Standing Senate Committee on Banking, Trade and Commerce is available on the CLHIA’s website at www.clhia.ca.