October 1, 1998
(Executive Council)

The following is being distributed at the request of the Conference of Atlantic Premiers:

Atlantic insurance harmonization project

The Steering Committee of the Atlantic Insurance Harmonization Project reports that significant progress has been made toward the development of a harmonized act governing the insurance industry in the Atlantic provinces. A draft harmonized Atlantic Insurance Act will soon be circulated for public input.

Delays associated with the release of the Phase II report were unforeseen and unavoidable. However, at a meeting on September 15-16, the Steering Committee reviewed several sections of the report. The committee members were presented with a detailed framework for a model harmonized act that must be summarized prior to public consultation. While they are anxious to proceed to public consultation, they are optimistic that the more detailed report will add value to the consultation process by allowing readers to better visualize a harmonized act.

The completion of the report will be announced shortly and the report will be made available to consumers and industry participants upon request. The project committee, which includes industry, consumer, and government representatives, will promote widespread analysis and invite input from all interested parties. Both committees see the success of the project as dependent on the consideration of suggestions from all perspectives.

This project, an initiative of the Conference of Atlantic Premiers, is mandated to pursue the harmonization of legislation, policies, and procedures governing the insurance industry in the best interests of industry, consumers, and each Atlantic province. The Phase II report will be the product of two years of consultations with individuals and organizations at the local, regional, and national levels.

For further information regarding the Atlantic Insurance Harmonization project, please contact:

Glenn Davis, Regional Coordinator
Conference of Atlantic Premiers
Tel: (902) 424-7606

or

one of the offices of the Atlantic Superintendents of Insurance.

1998 10 01                                      10:55 a.m.