Mr. Speaker, I share Canadians' concerns over the impact of rising insurance rates, which is why I have already taken action on this file. I asked OSFI to prepare a report on the industry in those areas covered by its mandate and OSFI reported that overall it considers the industry's investment portfolios and strategies to be prudent.
I know that the member, who has served as a parliamentarian at both the federal and provincial levels, knows it is the provincial governments that are responsible for regulating the market conduct of all P&C companies, which includes the issues of insurance contracts and premiums.
The fact that rising insurance premiums were major issues in several recent provincial elections clearly demonstrates that fact.