At an information session held on December 4 during the RCCAQ’s annual convention, the AMF announced plans to issue a document setting out its expectations concerning disclosure requirements for damage insurance brokers and brokerage firms. This document is now available on the AMF’s website in the section discussing qualification criteria and obligations applicable to damage insurance registrants.

During the information session, the AMF also indicated that it was aware, along with Quebec’s finance ministry, of various issues surrounding compliance with the brokerage firms’ disclosure obligations, particularly regarding “written communications with [their] clients” (Act respecting the distribution of financial products and services, section 83.1). Discussions are underway to find solutions to these issues and may well lead to proposed legislative amendments.

Having addressed these issues over the past few months with a view to helping firms achieve compliance, the RCCAQ would like to pay tribute to the collaborative efforts of the finance ministry and the AMF. The RCCAQ will continue to work on the disclosure requirements in their entirety, as well as on potential amendments to the law.