BANC - Standing Committee

Banking, Commerce and the Economy

Past Session: Past Session:
36-1 36th Parliament, 1st Session (September 22, 1997 - September 18, 1999)
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Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 45 - Twentieth and Twenty-first Reports of the Committee

Tuesday, February 16, 1999

The Standing Senate Committee on Banking, Trade and Commerce has the honour to present its

TWENTIETH REPORT

Your committee, to which was referred the Bill C-59, An Act to amend the Insurance Companies Act has examined the said Bill in obedience to its Order of Reference dated Thursday, February 4, 1999, and now reports the same without amendment, but with the following observations:

1. The bill contained two parchment errors;

the Law Clerk was directed to correct these on behalf of the Senate by clerical action; and

the subject-matter of the correction of parchment errors should be a subject of review by the Privileges, Standing Rules and Orders Committee.

2. Since members of the committee expressed concerns about the completeness and comprehensibility of the information that would be made available to policy holders by companies, the Chairman agreed to write a letter to the Superintendent of Financial Institutions requesting assurances that:

(a) information distributed to policy holders would be written in plain language;

(b) there would be full and complete disclosure of all relevant information required by policy holders in order for them to make an informed decision;

(c) the Superintendent of Financial Institutions would provided annually a report on the process of demutualization.

The committee expects an acceptable written reply from the Superintendent of Financial Institutions before the bill receives third reading.

Respectfully submitted,

TUESDAY, February 16, 1999

The Standing Senate Committee on Banking, Trade and Commerce has the honour to present its

TWENTY-FIRST REPORT

Your committee, to which was referred the motion of the Honourable Senator Graham, regarding certain amendments to Bill-C-20, An Act to amend the Competition Act and to make consequential and related amendments to other acts, and the Message from the House of Commons on the same subject, dated February 5, 1999, has, in obedience to the Order of Reference dated February 11, 1999, examined the said motion and Message and now reports as follows:

The committee recommends that the Senate concur in the amendments made by the House of Commons in the Message dated February 5, 1999.

Respectfully submitted,

MICHAEL KIRBY

Chair