CLHIA-ACCAP

17 xiii. Policy Tax Rules • The CLHIA continues to facilitate member company implementation of the new exempt test rules for individual life products, particularly in terms of developing sales and underwriting strategies to ensure tax compliance and minimize disruption of new business activities over year-end 2016. Based on extensive discussions with officials, clarification/correction of drafting errors in the rules as enacted is expected later in 2016. xiv. Payments System • The CLHIA continues to be a strong advocate for payments system reform in Canada. Our particular focus is on transitioning Canada away from cheques towards electronic payment options for businesses. The CLHIA held the position of Chair on the Canadian Payment Association's Stakeholder xii. Mental Health • The Committee on Mental Health continues its work to advance industry mental health programs in the workplace. In 2015-16, over 300 member company personnel participated in two CLHIA webinars on mental health in the workplace. Held in French and English, the focus was on simple, easy-to-implement approaches to advancing members companies' own mental health in the workplace programs. • In early June 2016, the Committee on Mental Health will be launching a new web-based newsletter that will provide a single access point to a wide range of information on mental health matters. Advisory Committee and also has a seat on the FinPay Committee, which advises the Minister of Finance on payment issues. xv. Global Tax Reporting/FATCA • The CLHIA's FATCA working group expanded its mandate to include the OECD's Common Reporting System (CRS, a global version of FATCA) which will be effective in Canada July 1, 2017. Work is focused on minimizing compliance burdens and to develop industry consensus on a number of technical and reporting issues. The group was successful in obtaining an exemption for pre-existing insurance under the CRS. In addition, the CLHIA assisted the Canadian government in winning a FATCA legal challenge; which was welcome news for the financial sector, since without this win, Canadian financial institutions could have been viewed as non- compliant. Board of Directors President's Message Review of the Year's Results Members CLHIA Code of Member Service CLHIA Officers Chair's Message

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