Legislation merges two organizations to create the Chambre de l'assurance - Insurance Portal

Key Changes Introduced by Bill 92

Bill 92, tabled in Quebec's National Assembly, significantly alters financial sector regulations. A primary focus is the merger of the Chambre de la sécurité financière and the Chambre de l’assurance de dommages to form the Chambre de l'assurance.

Merger of Insurance Organizations

The bill details the terms and conditions of this merger, aiming to streamline the oversight of life, health, and general insurance representatives.

Real Estate Brokerage and Consumer Protection

The Minister emphasized the government's commitment to updating laws governing financial and real estate brokerage, ensuring both business agility and consumer protection.

Claims Adjusters and Flexibility

The government seeks greater flexibility in claims adjustment services, allowing the Autorité des marchés financiers (AMF) to authorize individuals to act as adjusters even without certification, for claims exceeding $5,000. This follows recent amendments causing resignations from the Chambre de l'assurance de dommages board.

Brokerage Financing Transparency

Insurance brokerage firms will be required to disclose the names of financial institutions holding over 20% of their equity, along with the names of the financial group they belong to.

Other Notable Amendments

• Reduction in the number of directors on the Groupement des assureurs automobiles board.
• Increased AMF powers to regulate firms and representatives.
• Changes to director residency requirements for insurance companies within financial groups.
• Revisions to the Compensation Fund's operation and coverage.
• Broadened Tribunal administratif des marchés financiers powers, including higher fines.
• Specification of AMF oversight for Derivatives and Securities Act registrants.
• AMF recognition requirement for trading platforms.
• Increased AMF inspection frequency for caisse federations.
• Changes to Desjardins Cooperative Group's internal regulation publication.
• Reduction in the number of mutual companies needed for a federation.