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aware of the potential implications that regulatory changes may have on the competitiveness of firms,
particularly where they compete abroad. A regime that ensures strong prudential practices, competent
oversight and transparency is in the best interests of both consumers and financial services suppliers.
Recommendation 1:
When developing regulations, Canada's regulators should be mindful of the need for Canadian insurers
to be competitive internationally and ensure that capital and other regulatory requirements are no more
onerous than is necessary to meet prudential objectives.
