The Canadian Life and Health Insurance Association (CLHIA) has welcomed the announcement by the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators (CCIR) regarding changes to the total cost reporting (TCR) disclosure for investment funds and individual segregated fund contracts.
The CLHIA has praised the collaborative effort between the regulators and the insurance and investment industries in achieving this positive outcome.
The announcement from the CSA and CCIR will require additional expense information to be added to the information provided to investors so that they can understand the costs associated with the products they hold.
The changes are aimed at providing consumers with better information to make informed investment choices.
"Today's announcement demonstrates the positive outcomes that can happen when regulators and insurers work together on matters of joint concern that put the consumer first," said Stephen Frank, president and CEO of the CLHIA, "This is the result of a multi-year collaborative effort between the insurance and investment industries and regulators. It will result in better information for consumers to make informed investment choices and allow for continued strong competition and innovation in the market."
The CLHIA has praised the simultaneous implementation of the changes for both investment products and the collaborative effort between the regulators and the insurance and investment industries.
This is expected to result in better information for consumers, leading to informed investment choices and allowing for continued strong competition and innovation in the market.
The CLHIA has been working with the regulators on this matter for several years and has welcomed the announcement as a positive step forward for the industry and consumers.
