Mr. Speaker, in order to protect the insurance policy holders from events arising out of corporate failure, the private sector created Compcorp, a well run and efficient regulatory body. Even the Secretary of State for Financial Institutions has applauded Compcorp's record in dealing with the failures of two federally regulated life and health insurance companies. Yet the government is pushing to eliminate Compcorp in favour of a federally operated policy protection board.
Why is the minister pushing to set up a public regulatory body when one that fills the needs of the private sector already exists? Is it not just another case of government overkill?