Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

First Session Thirty-sixth Parliament, 1997-98-99

Chairman: The Honourable MICHAEL KIRBY

Thursday, February 4, 1999
Tuesday, February 9, 1999
Thursday, February 11, 1999

Issue No. 44

Sixty-fourth meeting on: Examination of the present state of the financial system in Canada

First and second meetings on: Bill C-59, An Act to amend the Insurance Companies Act

APPEARING:

The Honourable Jim Peterson, P.C., M.P., Secretary of State (International Financial Institutions)

WITNESSES:

February 9, 1999

From the Department of Finance:

Mr. David Tobin, General Director, Financial Sector Policy Branch;

Mr. Charles Seeto, Director, Financial Sector Division;

Mr. Claude Gingras, Special Advisor, Financial Sector Division;

Mr. Gilbert Ménard, Senior Chief, Financial Institutions Section, Business Income Tax Division;

Ms Rhoda Attwood, General Counsel.

From the Office of the Superintendent of Financial Institutions:

Mr. John R. Thompson, Deputy Superintendent, Regulation Sector.

From Insurance Company Executives:

Mr. Dominic D'Alessandro, President and Chief Executive Officer, Manulife;

Mr. Robert Astley, Chief Executive Officer, Mutual Group;

Mr. David A. Nield, Chairman, President and Chief Executive Officer, The Canada Life Assurance Company;

Mr. Don Stewart, President and Chief Executive Officer, Sun Life Assurance Company Canada.

February 11, 1999

Mr. Mark Audcent, Law Clerk and Parliamentary Counsel.

From Action réseau consommateur and the Regroupement des consommateurs d'assurance:

Mr. Charles Lajoie, Analyst, Action réseau consommateurs; and

Mr. Bill Podmore, President, Regroupement des consommateurs d'assurance.

From Canadian Life Insurance Policyholders Association:

Ms Anne Holmes, Founding Chair; and

M. Joel Vale.

From the Department of Finance:

Mr. Charles Seeto, Director, Financial Sector Division;

Mr. Claude Gingras, Special Advisor, Financial Sector Division; and

Mr. Gilbert Ménard, Senior Chief, Financial Institutions Section, Business Income Tax Division.

From the Office of the Superintendent of Financial Institutions:

Mr. Michael Hale, Director, Actuarial.

MEMBERS OF THE COMMITTEE

The Honourable Michael Kirby, Chairman

The Honourable David Tkachuk, Deputy Chairman

and

The Honourable Senators:

Austin, P.C., Berntson, Callbeck, Chalifoux, DeWare, Ghitter, * Graham, P.C. (or Carstairs), Hervieux-Payette, P.C., Kroft, LeBreton, * Lynch-Staunton (or Kinsella (acting)), Meighen, Poy, Stewart

* Ex Officio Members

(Quorum 4)

Changes in membership of the committee:

Pursuant to rule 85(4), membership of the committee was amended as follows:

The name of the Honourable Senator Chalifoux substituted for that of the Honourable Senator Kenny (February 11, 1999).

The name of the Honourable Senator LeBreton substituted for that of the Honourable Senator Kelleher (February 11, 1999).

The name of the Honourable Senator Poy substituted for that of the Honourable Senator Kirby (February 11, 1999).

The name of the Honourable Senator Ghitter substituted for that of the Honourable Senator Oliver (February 11, 1999).

The name of the Honourable Senator Berntson substituted for that of the Honourable Senator Angus (February 11, 1999).

The name of the Honourable Senator DeWare substituted for that of the Honourable Senator Di Nino (February 11, 1999).

The name of the Honourable Senator Kroft substituted for that of the Honourable Senator Kolber (February 10, 1999).

The name of the Honourable Senator Austin substituted for that of the Honourable Senator Kroft (February 10, 1999).

The name of the Honourable Senator Di Nino substituted for that of the Honourable Senator Tkachuk (February 8, 1999).

The name of the Honourable Senator Kroft substituted for that of the Honourable Senator Austin (February 8, 1999).