Ottawa, May 22 2009
2009-049

Archived - Minister of Finance Announces Launch of Canadian Life Insurers Assurance Facility

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The Honourable Jim Flaherty, Minister of Finance, today announced the launch of the Canadian Life Insurers Assurance Facility (CLIAF), which will provide insurance on the wholesale term borrowing of federally regulated life insurance companies.

"As part of the Government's Extraordinary Financing Framework announced in Canada's Economic Action Plan, this program will help Canada's life insurance industry access wholesale debt markets," said Minister Flaherty.

The commercial terms and conditions of the facility were issued today.

The CLIAF will also be made available to provincially regulated life insurers on the same commercial terms as other eligible institutions, on the approval of the Minister of Finance and with an indemnity from the relevant provincial government.

For more information on Canada's Economic Action Plan, visit www.actionplan.gc.ca

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For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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