By Patrick Bouchard, Insurance Broker, CIP and RCCAQ Chairman

The RCCAQ believes that consumers should be guided through the complex maze of insurance products and contracts. Your professional association has stepped up its efforts to have Bill 188 amended to address the following issues: 

Online insurance sales: reducing risks for consumers
Every day we see examples of people who hastily purchased "discount" coverage that in the end proves inadequate. In our view, only brokers are able to explain insurance products so that clients truly understand what they are buying. We often point out that AMF-recognized brokers work exclusively for their clients. In contrast, insurance agents only sell products promoted by their employer, which in most cases is a large corporation.

Replacement insurance: auto dealerships shouldn't be charging 60% more!
The replacement insurance sold by auto dealerships costs up to 60% more, according to an AMF study. In addition, the AMF does not recognize the insurance skills of auto dealership employees, who are not subject to the same requirements as insurance brokers. That is completely unacceptable! 

On the heels of the AMF's remarkable efforts to rein in the practices of bogus financial planners, we feel confident that next year's discussions will prompt the AMF to make a number of necessary amendments to Bill 188 in order to better protect the public.

We will continue to fight for the adoption of the other recommendations set out in the RCCAQ's brief. In the meantime, have a pleasant Holiday Season and enjoy your well-deserved time off!