No doubt much to the delight
of Canadian life insurers, the country’s minister of finance Jim
Flaherty has come down hard on banks that are attempting to
circumvent strict rules forbidding their involvement in the sale of
life insurance.
Target of Flaherty’s wrath
are what he termed annuity-like products being sold through bank
branches but that are not subject to the same regulatory standards
as those sold by insurance companies.
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The government, he stressed,
would soon introduce legislation that will prevent banks selling
these products.
“Since taking office, this
Government has taken steps to clarify the separation of banking and
insurance activities,” said Flaherty in a statement.
“This [legislation] will
ensure the business of insurance continues to be subject to the
appropriate rules and regulations.”
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