By Vincent Gaudreau, CIB, FCIP, CRM, insurance broker and RCCAQ chair

Bill 188 is a major issue for us. Here is a quick summary of what is involved and what actions we will be taking to represent you. Here is an overview of the issue and our positions.

Distribution without representatives (auto dealers)

Position
- Auto dealers' CFOs should be overseen by the AMF in the same way as certified representatives.
- If such oversight is not provided, auto dealers' right to sell replacement insurance should simply be revoked.

Distinction between agents and brokers

Position
- This distinction should be maintained in order to differentiate between two distribution models (direct/brokerage).
- Otherwise, consumers will no longer be able to clearly differentiate which party they wish to do business with. Consumers should be aware that brokers' primary role is to provide advice and to protect their clients' interests.

Ownership of firms (20% rule)

Position
- The 20% rule should be maintained in order to prevent insurance companies and financial institutions from gaining domination over brokerage firms. Nevertheless, insurers should be allowed to support firms during the transition and development process.

Online sales

Position
Online sales are an opportunity to better meet certain clients' expectations. However: 
 - Every transaction should be validated by a certified representative.
 - Consumers should not have to bear sole responsibility for purchasing insurance products.

Would you like to help us in this regard? Please contact us today!