Over the years, omnibus bills have been described as "catch-alls", "mammoths" or "Trojan horses" as some specific measures were as hard to find as a needle in a haystack.

Our fear is that using a single bill to cover so many specific areas could have adverse consequences.

As regards online commerce, the government could amend the Act respecting insurance to allow insurance policy sales without the involvement of a certified representative. The RCCAQ has always opposed such a move. 

Inequity
In addition, despite changes to the distribution of financial products and services, the requirement that personal information be collected by a certified representative could be maintained, thus creating inequity between the various stakeholders. In that case, major insurers with thousands of employees would face minimal oversight for online commerce, while brokers would face more stringent regulations.

We agree with Mr. Leitão—but Quebec brokers also seek …
We welcome Mr. Leitão's attempts to ensure that financial sector regulation is adapted to new realities. But this worthy goal should be achieved without undermining fair treatment or consumer protections. The recent articles point to a situation of fundamental unfairness, with different distribution channels subject to different legal requirements. An omnibus bill poses risks in this regard and should be opposed.

Quebec brokers seek a legal framework that protects consumers. They also want our laws to be efficient, fair and uniform for all stakeholders. The most recent indications are not at all reassuring. We will continue our efforts, which began as soon as the provincial budget was tabled. We will also keep you informed as to any developments.

Articles (in French) in :

Le Devoir

Le conseiller.ca

(Picture used in the Informer, is a courtesy of the Quebec Government)