Meeting in Charlottetown, Prince Edward Island, the Atlantic premiers today announced the establishment of an industry/government committee to pursue the harmonization of legislation, policies and procedures governing the insurance industry in each Atlantic province.
At the October 1995 meeting of the Atlantic premiers, the provincial cabinet secretariats were directed to consult with industry representatives and major players for input and feedback on the amalgamation of the general insurance regulatory functions in the Atlantic provinces, a recommendation which was made by the Insurance Bureau of Canada (IBC) in its June 1995 report. The IBC report expressed concern that having four separate provincial regulatory regimes for the insurance industry is resulting in over-regulation, overlap and duplication, and increased costs for industry.
At the premiers' meeting today in Charlottetown, the Cabinet Secretariats reported that these industry consultations have been completed. The premiers are now ready to move ahead. ‘The existing legislation is very similar in each province and harmonization will eliminate the present inconsistencies in regulatory requirements within the four provinces. It offers the potential for more effective operation and administrative efficiency, and we are always looking for efficiencies,' stated the premiers. The industry/government committee has been directed to report back at the next meeting of the Conference of Atlantic Premiers.
For more information, contact:
Kim Thomson, Information Officer
Conference of Atlantic Premiers
P.O. Box 2044
Halifax, NS B3J 2Z1
Tel: (902) 424-8975; Fax: (902) 424-8976; E-mail: kthomson@cmp.ca