During a review of the Finance Ministry's 2017-2018 budget appropriations, finance minister Carlos J. Leitão announced that he wished to bring Quebec's Chamber of Financial Security (CSF) and Chamber of Damage Insurance (CAD) under the authority of a single regulator. He also announced the scheduled date for the introduction of Bill 188.

Oversight system for insurance representatives

Addressing the issue of the dual oversight system for insurance representatives, Mr. Leitão laid out the goal of making the AMF's regulatory work more efficient. To that end, the minister stated that it would be preferable to bring both CAD and CSF within the jurisdiction of a single regulator.

RCCAQ chair Kathleen Ann Rake noted, "The RCCAQ welcomes this move and supports the elimination of the current system of dual oversight for insurance representatives, as stated in the position paper we submitted. The dual system is cumbersome and creates confusion in the minds of consumers and industry stakeholders."

Introduction of Bill 188

As noted by Mr. Leitão, a number of factors contributed to the delay in the introduction of Bill 188, particularly the strike by Quebec government lawyers and notaries. The minister now hopes to table the legislation by June 16.

The RCCAQ once again welcomes the government's efforts in this regard and sincerely hopes that its recommendations will be reflected in the new legislation. "We are in favour of a clear and consistent regulatory framework that will not only protect the public but will also be more efficient for the professionals working in our industry," said Ms. Rake.

Please click the following link to view the exchange between François Bonnardel, CAQ MNA for Granby, and finance minister Carlos Leitão on issues relating to Bill 188 and the decision to bring CAD and CSF together within a single regulator.