The Canadian life and health insurance industry says it commends the federal government and Finance Minister Jim Flaherty for the 2008 federal budget.

“In particular, we welcome the new Tax-Free Savings Account initiative. The life and health insurance industry looks forward to helping Canadians use this vehicle to invest in their future,” said Frank Swedlove, president of the Canadian Life and Health Insurance Association (CLHIA), in a release.

In addition, CLHIA is pleased that the government has made recommendations in areas that the industry identified in its submission to the Competition Policy Review Panel. This includes a $110 million investment in mental health; $22 million for streamlining processes to bring skilled immigrants into the labour market; modernizing securities regulation; and investing $89 million over two years in Canada’s foreign missions in support of Canadian companies operating abroad.

CLHIA is a voluntary association whose member companies account for 99% of Canada’s life and health insurance business.