As per Canada’s third-largest insurer, Sun Life Financial Inc., any recent proposals for global financial reform, such as a bank tax, may prove to be injurious for Canada.

“A number of countries have made a variety of proposals which could have a negative impact on the Canadian financial services industry. It would indeed be ironic if Canada, a country which came through the financial crisis better than most, was to find itself at a disadvantage on account of new international rules”, said Donald Stewart, Chief Executive Officer.

A proposal that the Toronto-based insurer opposes was cited by Stewart for new taxes. The Finance Minister of Canada, along with other tycoons of the State’s banks said that it would be wrong to penalize financial institutions in Canada for tribulations that have occurred in other countries.

Stewart has also stood against modifications proposed to International Financial Reporting Standards, which may distance assets from liabilities and echo comments made this month by Donald Guloien , CEO, Manulife Financial Corp.

There proposals accounted encloses “a number of challenges for Canadian life insurers”. Now the company is working with concerned authorities as part of the consultation process to see if they can alleviate any adverse potential results.