Issue link: http://clhia.uberflip.com/i/396010
Investments in corporate securities (bonds and stocks) help finance new business ventures, and assist established companies to expand, thereby, creating more jobs. Insurance investments in mortgages and real estate help people finance their homes and build needed apartment and office buildings, stores and shopping centres, warehouses and factories. Literally thousands of buildings have been financed throughout Newfoundland and Labrador. Life and Health Insurance Providers Canadians buy their life insurance, annuities and health insurance in a highly competitive marketplace, served not only by Canadian companies but also by companies from the United States, Britain and other European countries. Nationally, 107 life and health insurance providers employ 150,100 Canadians — 53,300 full-time administrative staff and 96,800 agents, including 13,100 agents working exclusively for one insurer and 83,700 independent insurance agents earning at least part of their income from the life and health insurance industry. In total, 60 life insurance companies, 5 fraternal benefit societies, and 2 not- for-profit health care benefit providers are licensed to conduct life and/or health business in Newfoundland and Labrador. In addition, some property and casualty insurers are also active in the health insurance market in the province. The people of Newfoundland and Labrador are served by an estimated 1,710 life and/or health insurance agents (both exclusive and independent), working from branch offices and agencies located throughout the province. In total, life and health insurance providers employed approximately 1,770 people in the province. Many additional jobs are created in the province, in whole or in part, through life and health insurers' investments in the province's economy. Consumer Protection Plan Assuris administers the industry Consumer Protection Plan, which protects Canadian life and health insurance policyholders if their life insurance company should fail. Assuris works in partnership with regulators to identify potentially troubled companies at an early stage. It protects policyholders by minimizing the loss of benefits and ensuring a quick transfer of their policies to a solvent company. Assuris is the not-for-profit organization established and funded by the Canadian life and health insurance industry, and governed by an independent Board of Directors. Assuris reviews and updates its coverage to respond to changes in the market and the industry. Comprehensive details of benefits covered by Assuris and a list of members can be found on its web site (www.assuris.ca).