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Wednesday, June 24, 2009
Canadian Life Insurers Assurance Facility launched
On May 22, 2009, the Minister of Finance announced the launch of the Canadian Life Insurers Assurance Facility (CLIAF), which is intended to assist life insurance companies in accessing debt markets on competitive terms by insuring their wholesale term borrowing. The CLIAF is a component of Canada's implementation of the G7 Plan of Action to stabilize financial markets and support global economic growth.Life insurance companies regulated by the Office of the Superintendent of Financial Institutions are eligible to participate in the CLIAF, as are, with the Minister's approval, fraternal benefit societies and provincially regulated life insurers. Instruments eligible to be guaranteed under the CLIAF include newly-issued commercial paper, bearer notes and senior unsecured bonds and notes in which the underlying debt has been issued by a related entity. Other new senior unsecured marketable wholesale instruments may be eligible subject to the Minister's approval. Eligibility for the CLIAF requires a minimum issuance size of $1 million for Canadian-denominated issuances and $10 million for foreign-denominated issuances. Further, instruments must have a minimum term of three months from the date of issuance and the guarantee will apply for a maximum of three years. Read more...
posted by Charles Monat Associates at 9:52 AM
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