Thank you, Mr. Chairman. Mr. Chairman, Bill 9, an Act to Amend the Insurance Act, contains two separate amendments.
The first amendment permits insurance companies to print a limiting clause, that is a specific statement warning consumers of the limit of the policy, if any, on an insurance policy in bold large print at least 12 points in size, as an alternative to the red ink requirement contained in the act. All jurisdictions have been requested to make this amendment by the Insurance Bureau of Canada, which is an association that represents the majority of general insurance companies in Canada.
The second amendment, Mr. Chairman, deals with an increase to the rate of premium tax, and fire tax, by insurance companies licensed in the Northwest Territories, from two percent to three percent, and one half percent to one percent, respectively. It is anticipated that the increases will generate an additional $250,000 in revenue for our government.
Those are my opening remarks, Mr. Chairman, thank you.