Longueuil, September 21, 2017 – Reiterating its support for the finance minister, the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) calls for Bill 188 concerning the distribution of financial products and services to be tabled this fall.
As mentioned in its position paper on the Bill 188 review, the RCCAQ calls for the implementation of a suitable regulatory framework that is both consistent and clear with a view to protecting the public and achieving greater efficiency for all insurance industry stakeholders.
More effective consumer protections and services
In the RCCAQ's view, the swift tabling of Bill 188 is a prerequisite to ensuring more effective consumer protections. In this regard, the RCCAQ calls for ending the duplication of insurance representatives' oversight mechanisms by bringing all investigative and legal services currently provided by the Chambre de l'assurance de dommages (CHAD) under the jurisdiction of the Autorité des marchés financiers (AMF). "The public would be better served because insurance representatives would have a more consistent oversight process, while areas of confusion between CHAD and the AMF would be eliminated. Consumers would thus benefit from having these protective services grouped together within a single solid institution," said RCCAQ chair Kathleen Ann Rake.
Adapting to current realities
Bill 188 was originally adopted nearly 20 years ago. Since then, there have been many technological advances and changes to insurance products, giving the review process a heightened sense of urgency. Brokers face new realities and the regulatory framework should be adapted to reflect them. After more than two years of industry consultations, the RCCAQ believes that the tabling of the revised legislation is long overdue. "The introduction of Bill 188 this fall would make it easier to protect consumers while providing us with an updated regulatory framework in line with our current environment," added Ms. Rake.
About the RCCAQ
In keeping with its mission as a professional association, RCCAQ seeks to promote and defend the socio-economic interests of its members, including more than 4,200 brokers and some 500 brokerages and branch offices across the province.
