WESTBANK, BC, Sept. 1, 2022 /CNW/ – The First Nations Finance Authority (FNFA) has signed a memorandum of understanding with BFL CANADA, one of many largest employee-owned and operated insurance coverage brokerage corporations in Canada, which takes the preliminary steps towards establishing the first-ever non-profit Indigenous-owned insurance coverage mannequin for Indigenous communities and companies in Canada.

“Entry to insurability is a significant barrier going through First Nations of their efforts to construct wholesome and affluent communities,” mentioned Ernie Daniels, President, and CEO of the FNFA. “Offering Indigenous communities with entry to broad insurance coverage protection at reasonably priced charges could be a significant step ahead on the trail to financial reconciliation.”

FNFA’s Ernie Daniels and BFL CANADA CEO, Founder and President Barry F. Lorenzetti signed a Memo of Understanding to maneuver ahead to check the feasibility of the mannequin. “We’re dedicated to being part of this venture which is able to set up a collaborative different threat switch mannequin that serves communities successfully, creates new jobs and careers, and develops new sources of income for Indigenous communities,” mentioned Mr. Lorenzetti. “That is how we start to take motion towards financial reconciliation inside the insurance coverage business. First Nations leaders from throughout turtle island have come ahead in assist of the initiative requested to take part on this examine.”

First Nations communities and organizations have restricted choices find insurance coverage for community-owned belongings and financial growth initiatives and are sometimes pressured to simply accept take-it-or-leave-it presents at increased value. FNFA’s proposed mannequin is being developed in collaboration with Indigenous companions, authorities, and business. Its goal is to empower Indigenous communities and organizations to personal and handle a collective insurance coverage and threat administration program which might improve the financial energy and well-being of their communities.

As a non-profit, Indigenous-led lending establishment, FNFA has supplied over $1.7 billion in low-cost loans to First Nations to assist bridge the massive $30 billion infrastructure hole that exists between Indigenous communities and the remainder of Canada. The FNFA is decided to carry the identical sort of revolutionary method to growing an Indigenous insurance coverage and threat administration program.

”It’s time that our communities and companies function and absolutely personal a Nationwide Indigenous Insurance coverage Mannequin” Ernie Daniels President and CEO, FNFA

”Each Rez spends tens of hundreds of {dollars} yearly on enterprise and residential insurance coverage. It is time to all work collectively to create our personal insurance coverage firm.” Chief Clarence Louie Osoyoos Indian Band

“Each First Nation and Indigenous Enterprise in Canada has a necessity for insurance coverage protection and tens of millions of {dollars} are spent yearly. We have to collectively personal and handle this spend to learn all communities. It is time to create our personal insurance coverage firm!” Robert Louie Chairman, Lands Advisory Board

Concerning the First Nations Finance Authority (FNFA)
The FNFA is a not-for-profit First Nation establishment that performs an important function within the social and financial growth of First Nations throughout Canada by offering qualifying First Nations with entry to the capital markets at aggressive charges. Established by the federal First Nations Fiscal Administration Act in 2005, FNFA is by First Nations, for First Nations. The FNFA will proceed to develop and diversify, trying to strengthen its credit standing and improve the monetary advantages to its rising membership.

About BFL CANADA
Based in 1987 by Barry F. Lorenzetti, BFL CANADA is among the largest employee-owned and operated Threat Administration, Insurance coverage Brokerage, and Worker Advantages Consulting providers corporations in North America. The agency has a crew of over 1,100 professionals situated in twenty-four cities throughout the nation. BFL CANADA is a founding Associate of Lockton International LLP, a partnership of unbiased insurance coverage brokers who present Threat Administration, Insurance coverage and Advantages Consulting providers in over 140 nations around the globe. For extra info, go to bflcanada.ca and comply with us on LinkedIn, Twitter and Fb.

SOURCE First Nations Finance Authority

For additional info: Leanne Hunter, FNFA Senior Advisor, First Nations Finance Authority, Phone: 613.853.2612, E-mail: [email protected]; Very important Adam, VP – Company Communications, BFL CANADA, Phone: 514.908.4452, E-mail: [email protected]