One executive who worked closely with Jim Flaherty on demutualization remembers the former finance minister’s commitment to demutualization, and his deep understanding of the insurance industry.
“On several occasions, I had the pleasure of meeting with him on the demutualization file,” says John Bowey, chair of the board of directors’ special committee on demutualization for
Economical Insurance. “He was always engaged and actively participated in our dialogue, which enhanced the government’s understanding of the issue.”
Flaherty died from a massive heart attack on April 10.
It was Flaherty who laid the groundwork for Ottawa’s new finance minister Joe Oliver to table Bill C-31 into the 2014 Federal Budget – a Bill seen as a positive step towards implementing a framework for P&C insurance demutualization.
The Bill includes amendments to the Insurance Companies Act (Canada) (ICA) that are required to broaden the Governor in Council’s authority to make regulations under the act.
Having worked closely with the former finance minister in helping create the framework for the Bill, Flaherty’s passing is sorely felt by both Bowey and those at Economical Insurance.
“We are deeply saddened at the passing of Jim Flaherty,” Bowey told Insurance Business. “He served Canada with dedication and commitment. On behalf of Economical Insurance, I extend our sincere condolences to his loved ones.” (continued.)
#pb#
Flaherty - a Conservative MP for the Toronto-area riding of Whitby-Oshawa and one of Canada's longest serving finance ministers - resigned from politics last month, citing his desire to return to the private sector.
Reports over the last year indicated that Flaherty was suffering from a rare and painful skin disorder, yet he said, upon his resignation on March 18, that his decision to leave politics had nothing to do with his health.
Born in Lachine, Que., Flaherty attended Princeton University and Osgoode Hall at Toronto's York University. He worked as a lawyer for 20 years before entering politics, serving as an Ontario MPP from 1995 to 2005, holding such posts as deputy premier, attorney general and minister of labour.
Flaherty is survived by his wife Christine Elliott and his three triplet sons.
