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Almost one quarter (23%) of Canadians say the economic downturn has affected their sleep and appetite, according to the ninth annual National Report Card survey of 3,223 Canadians by the Canadian Medical Association (CMA).

For those with less than a university degree, this figure goes up to one in three. And nationally, nearly one in five Canadians have skipped a meal as a result of feeling stressed from financial concerns.

Two in five Canadians (40%) say they felt stressed and/or overwhelmed due to financial concerns. That number rises to half (51%) among those who earn less than $30,000.

Nationally, one quarter (25%) of Canadians have delayed or cancelled a dentist appointment as a result of financial concerns. This figure jumps to one in three (34%) among Canadians who earn less than $30,000.

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JovFunds announces fund reorganization

JovFunds Management Inc., the manager of the Jov Canadian Equity Class of Jov Corporate Funds Ltd. (the “Corp Fund”), will assign its Corp Fund management duties to JovInvestment Management Inc. effective September 15.

On the same date, JovFunds will assign its management duties of Jov Fiera Growth Tactical Portfolio to MGI Funds Inc.

The company said these changes will create synergies within the organization. The assignments are not expected to have any material impact on these funds’ operations or expense levels.

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OSFI reminds foreign insurers of report

The Office of the Superintendent of Financial Institutions (OSFI) is reminding foreign insurance carriers that they must file progress reports on implementation of new rules under the Insurance Companies Act.

Amendments to Part XIII of the Act clarify the regulatory scope that applies to Canadian branches of foreign insurance companies. The amendments will come into force January 1, 2010.

Foreign insurers — both life and P&C — were required to file a report by May 31, 2009, and OSFI found most reports showed adequate progress in compliance. There are a handful of areas which need more attention, however.

Not all companies explained their plans to address the impact of Part XIII amendments on their past business, according to OSFI.

Among other deficiencies, OSFI pointed out:

• There is no provision for the grandfathering of policies or reinsurance agreements already in force at the time of implementation. • Some companies that will carry on business in Canada in 2010 did not specify in their first progress reports specific legal statements, as required by OSFI, in relation to whether or not the document was issued or made in the course of its insurance business in Canada. • Some companies failed to provide an explanation of the analysis and progress made regarding whether additional assets will be required to be vested in Canada for insurance business that takes place in Canada covering risks that are located outside of Canada. OSFI expects branches to include this information in their second progress reports.

These amendments to Part XIII removed the exemption on marine risks in Canada. All existing foreign insurers that insure or plan to insure marine risks in Canada must apply to OSFI to have their order amended to reflect their marine business and the new legislative requirements.

The deadline for the second quarterly report is August 31, 2009.

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CSI named SAC’s education partner

The Canadian Securities Institute (CSI) has been named the Securities Association of China (SAC)’s official education partner. The organization is the only foreign entity to enjoy such standing in the Chinese securities industry.

For the past seven years, the CSI has taken the lead in developing the education and training standards for China’s growing securities industry.

In their recent joint endeavour, CSI and SAC have developed the “Compliance Standards” program which offers compliance courses and training.

“Compliance policies are instrumental to the healthy and sustainable development of China’s securities firms,” said Yang Xiaowu, vice-chair of the SAC. “Canada has several decades of experience in compliance, and through this program our firms can learn those practices.”

The training program also involved a half-day symposium that brought together Canadian and Chinese compliance leaders. Canadian participants included Julie Eisenstat, managing director and head, capital markets compliance, Canada, RBC Capital Markets; John R. Morton, managing director, head of retail, compliance, Scotia Capital; and Kim Buntain, director, global compliance, for BMO Capital Markets. There will also be representation from the Ontario Securities Commission.

(08/17/09)