In connection with the parliamentary committee studying Bill 150, the RCCAQ submitted a position paper including various recommendations. Here is a summary of our comments to lawmakers on January 30.

Where we stand

Bill 150 sets out new measures aimed at clarifying the distinction between insurance agents and brokers while ensuring broker independence. Notwithstanding the importance of these goals, the RCCAQ's position paper sheds light on various major application problems that these provisions would cause. Here are our corresponding recommendations:

1. Maintain the requirement in the current law to present insurance products from multiple insurers, but clarify within the regulatory framework that there should be two (2) insurers for personal as well as commercial insurance.

2. Maintain the current legal framework with respect to shareholding percentages and add independence tests under the auspices of the AMF.

3. Create a roundtable to consider the implementation of measures affecting group insurance. Failing that, ensure that a certified representative plays a direct role alongside plan members.

To read the position paper in full (in french only), please click here.