Life Insurers Applaud Industry Committee Report

Posted on June 24, 2008 and updated June 17, 2010 in Life Insurance Canada News 2 min read

House of Commons
House of Commons – by Simon Starr

The Canadian Life and Health Insurance Association (CLHIA) applauds the House of Commons Standing Committee on Industry, Science and Technology on its report on Canada’s service sector, The Goods on Services. "The life and health insurance industry strongly supports the recommendations of the Committee. They have recognized the vital role that the services industry plays in the health and prosperity of our economy," said Frank Swedlove, President of the CLHIA in a press release.


The services sector now accounts for almost 70 per cent of Canada’s GDP. Further, the financial services sector is responsible for a major portion of Canada’s direct investment abroad. "The government should seriously consider how they should respond to these excellent recommendations," added Mr. Swedlove.


The industry was particularly pleased with the recommendations that the Government of Canada:

  • Continue to improve Statistic Canada’s collection and dissemination of data on the services sector;

  • Develop a services sector innovation strategy;

  • Ensure that staff in foreign missions have the expertise, knowledge and resources to promote the services sector;

  • Seek further favourable and comprehensive bilateral and multilateral trade agreements that would include services sector obligations;

  • Work with the provinces and professional organizations to streamline the entry of foreign workers into the labour force, particularly as it relates to the recognition of foreign credentials; and

  • Take a leadership role in encouraging the provinces to bring down inter-provincial trade, investment and labour mobility barriers.

 

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