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| Canada Clarifies Separation Of Banking And Insurance Activities |
by Mike Godfrey, Tax-News.com, New York
Thursday, December 29, 2011
Canadian Finance Minister, Jim Flaherty, announced recently that the Harper Government
will introduce legislation to prevent banks from offering financial products that
function like life annuities.
“Since taking office, this Government has taken steps to clarify the
separation of banking and insurance activities,” said Minister Flaherty.
“This will ensure the business of insurance continues to be subject to
the appropriate rules and regulations.”
Life annuities are financial contracts that make a series of payments to buyers
over their lifespan. To ensure the market for life annuities continues to function
safely and efficiently, and to ensure consumers are properly protected, these
products are subject to the regulatory framework for insurance companies. As
well, current federal legislation prohibits banks from promoting or selling
life annuities, which are considered insurance products.
However, in recent years, some banks have introduced products that perform
the same or similar functions as life annuities. These products are not subject
to the same regulatory standards as those sold by insurance companies.
The Minister said that the legislative amendments, which will be proposed as
soon as possible, would allow the grandfathering of existing products, subject
to contract terms and conditions.
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