The public finance committee's detailed review wrapped up on June 6 with the withdrawal of the provisions concerning the repatriation of the Chambers' powers (CHAD/CSF) to the Autorité des marchés financiers (AMF). On June 5, the RCCAQ racked up a major gain when amendments were adopted that will enable brokers to stay competitive. In effect, the Government took our recommendations into account and will not be requiring brokers to offer products from at least four different insurers if they want to maintain their status.

Overview of the amendments

On the evening of June 5, a number of amendments tying in with our recommendations were introduced by the finance minister and adopted in connection with the detailed review of Bill 141. The main aspects of these provisions are detailed below.

• CHOICE: In personal insurance, a brokerage firm must have three distribution agreements in place with insurers that are not in the same financial group. The requirement under which a certain number of products would have to be offered per quote has been dropped. Commercial insurance is not affected.

• TRANSPARENCY: Disclosure rules regarding consumers have been modified to ensure greater transparency.

• SHAREHOLDING: A financial institution's ownership interest in a firm may not exceed 50% of the value of the firm's equity, provided that the shares making up the 50% do not represent more than 20% of the voting rights.

• DEVELOPMENT: The financing agreements and service contracts already authorized by the AMF are maintained.
 
For a more detailed analysis, please read the member update in this regard.