Dear RCCAQ members:
We have reviewed the economic update issued last Tuesday (Dec. 2) by Quebec's finance minister, Carlos Leitão. The update raises the tax on auto insurance from 5 % to 9 %. This increase will go into effect in January 2015.
We realize that this may cause problems with renewal notices, which must be sent out to your clients at least 30 days before the coverage expiry date.
Please be assured that we have begun discussions with the finance ministry and various insurance industry stakeholders with a view to allowing you to continue with your business operations.
You are requested to contact your insurers in order to obtain information on:
• Their process for automatic renewals.
• The procedure to follow for current and future renewals.
We will keep you informed about any future developments in this regard.
If you have any questions, please feel free to contact us.
Vincent Gaudreau, CIB, FPAA, CRM
Chair
