Issue link: http://clhia.uberflip.com/i/834345
The industry is well capitalized (with an average capital ratio of 231% — well above the regulatory target of 150%) A Message from the President and CEO Board of Directors Review of the Year's Results CLHIA Code of Member Service Members CLHIA Officers Chair's Message further to that province's complete rewrite of its Insurance Act which is expected to be proclaimed in 2018. The industry is also cooperating with Nova Scotia as it considers updates to the life and accident and sickness parts of its Insurance Act. Financial Overview c Results for 2016-17 were better than originally budgeted, with the year ending with an excess of revenue over expenses of $342 thousand, before the special assessment of $1.25 million, for a total excess of revenue over expenses of $1.592 million. These results were primarily due to additional revenue from new members and investment income, and an overall savings in operating expenses, including supplies and services, information technology and consultants' fees. c The 2017-18 Financial Framework and Budget provides for a benchmark change in assessment fees of 2.3% with the cap remaining at 15.385% for the largest companies. As well, consistent with the decision taken by Council Representatives at the Annual General Meeting on May 31, 2016, to implement a special assessment of $2.5 million over two years, the second half in the amount of $1.25 million will be levied on members in 2017-18. c The CLHIA remains committed to continuing to provide a high level of service, and delivering maximum value for money, to its members.