By Christopher Johnson 

As you know, Bill 141 is currently in the public finance committee's "detailed review" stage. We would like to take this opportunity to update you on the legislative process concerning online insurance sales.

Amendments

At its session on March 14, the public finance committee adopted two amendments allowing online sales of insurance products without the mandatory involvement of a certified representative. The following conditions are set out in the amendments:

• If any advice is given, it would have to be provided by a certified representative.

• Insurers would be required to inform consumers that they have the option of speaking with a certified representative; insurers would not merely be required to answer any questions that consumers may have.

• Quebec's Autorité des marchés financiers (AMF) would be authorized to issue an order setting out which insurance product(s) would be authorized (or not authorized) to be sold online without the involvement of a certified representative.

The RCCAQ's efforts are ongoing

The issue of online insurance sales, however, is far from being settled. For one thing, the concerns that we have raised from the outset concerning risks to consumers and their financial well-being are still relevant. Consumers wishing to shop for insurance online who believe that the process is straightforward and risk-free would be free to do so—and therefore would be left on their own to deal with the insurer in the event of a claim.

Bill 141's detailed review has not yet been completed; the provincial budget, slated to be tabled on March 27, could end up interrupting the committee's work. For the Bill to be effectively finalized, lawmakers would have to complete the detailed review stage and then vote on the legislation.

As you know, the RCCAQ has undertaken a series of initiatives aimed at defending brokers' paramount role in insurance transactions. In addition to pursuing our lobbying efforts, we will continue to hold discussions with the AMF to promote our consumer protection role.

Many of you responded to our call for action by contacting your MNAs. Please be sure to keep on voicing your concerns; it is essential that lawmakers be made aware of the importance of consumer protection in our work.
 

Joining forces

Now more than ever, we must seize every opportunity to promote brokers' value added in the eyes of the general public. One of the keys to our success as entrepreneurs is our ability to set ourselves apart by providing solid advice and by showing our clients how much we care about safeguarding their financial assets. In this regard, joining forces is crucial.

The RCCAQ is in the process of developing tools designed to inform the public about brokers and the key role they play. Please keep an eye out for our upcoming updates in this regard.