April 7, 1999
(Executive Council)

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

COMMUNIQUE
Insurance Legislation Harmonization Project - Phase II Report

The Industry-Consumer-Government Committee of the Atlantic Insurance Legislation Harmonization Project is pleased to announce the release of the project's Phase II report. This 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 II report is comprised of 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 Professor 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 Phase II report is being circulated to industry participants and the public for their analysis and comment. In order to facilitate distribution and due to the size of the report, copies will be available by accessing the "What's New" section of the Council of Maritime Premiers website at www.cmp.ca. Those interested will be able to print or download a copy of both documents. Interested parties not having access to the Internet may obtain a copy by contacting the Secretariat of the Conference of Atlantic Premiers at the address or phone number below.

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 who participated in the consultation process.

In addition to the discussion paper, Professor Weir prepared a model harmonized act. This part of the report consists of a 300-plus page comprehensive document 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 involving 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 electronic mail to the Secretariat of the Conference of Atlantic Premiers in Halifax, Nova Scotia on or before June 30, 1999.

For further information please contact:

Glenn Davis
Conference of Atlantic Premiers
P.O. Box 2044
Halifax, NS B3J 2Z1
Tel: (902) 424-7590
Fax: (902) 424-8976
E-mail: gdavis@cmp.ca

1999 04 07                            12:50 p.m.