Insurance Legislation Harmonization, Phase 2
The Industry-Consumer-Government Committee of the Atlantic Insurance Legislation Harmonization Project announces the release of the project's Phase 2 report.
The project is an initiative of the Conference of Atlantic Premiers for the purpose of harmonizing legislation, rules and procedures governing the insurance industry in Atlantic Canada. Harmonization of legislation was proposed in recognition of the fact that while existing legislation in each province is similar, harmonized laws governing insurance companies would lead to a more efficient and competitive environment.
The Phase 2 report comprises two documents, a discussion paper and a model act, that together give a detailed vision of harmonized insurance legislation for the Atlantic provinces. The report was prepared by Prof. John P. Weir based on extensive consultation and research. The report represents the consultant's interpretation of suggestions gathered through extensive consultation with people and organizations in the Atlantic region and across Canada.
The report is being circulated to industry participants and the public for analysis and comment. To help distribution, the report will also be on the Council of Maritime Premiers' website at www.cmp.ca . Interested parties without access to the Internet may obtain a copy by contacting the Secretariat of the Conference of Atlantic Premiers at P.O. Box 2044, Halifax, N.S., B3J 2Z1, telephone 902-424-7590 or fax 902-424-8976.
Most stakeholders will be interested in reviewing the discussion paper that summarizes the organization and content of the harmonization proposal. The approximately 40-page document highlights changes that have been proposed by individuals, groups and other government organizations that took part in the consultation process.
In addition to the discussion paper, Prof. Weir prepared a model harmonized act. This part of the report consists of a comprehensive document of 300-plus pages that illustrates how the proposed harmonization will translate into legislation. (The model act will be available in English only as it is an interim document and subject to change following a three-month consultation period.)
The project now moves to the third phase, which involves public review of the harmonization proposal. The project committee wishes to solicit opinions and suggestions from industry and members of the public to assure that the final proposal addresses the interests of as many Atlantic Canadians as possible. Those wishing to record their reactions to the discussion paper should send them in writing or via e-mail to the Secretariat of the Conference of Atlantic Premiers by June 30, 1999.
AU CHEF DES NOUVELLES: Ce communique est egalement disponible en francais; appeler 902-424-4492 ou c. elec. CNSrelease@gov.ns.ca .