Eric Stevenson will leave his position as superintendent, client services and distribution oversight for Quebec financial sector regulator, the AMF, in early 2018.
The news sent a shockwave through the Quebec industry last Friday. Senior industry leaders alerted The Insurance and Investment Journal about this development.
Reached this weekend, Stevenson confirmed his coming departure from the AMF. He refused to comment on the reasons for his decision. However, he said he was guided by a desire to reorient his professional career. He began working for the AMF 11 years ago. He has held his current position since 2012. Stevenson added that he has informed Louis Morisset, president and CEO of the AMF, of his decision not to renew his contract, which expires Nov. 27, 2017.
Asked about his future, Stevenson did not elaborate on his plans, except to say that he intended to remain in the financial sector.
Bill 141 recently tabled
Sources, who asked to remain anonymous, expressed their surprise at the timing of Stevenson's departure. It comes on the heels of the tabling of Bill 141, the omnibus financial sector bill that would reform laws governing insurance sales in Quebec, as well as laws governing the AMF. This bill would see Quebec’s self regulatory organizations – the Chambre de la sécurité financière and the Chambre de l'assurance de dommages – abolished.
Some expect that if the bill becomes law, a large part of the responsibilities currently being carried out by the Chambres, would have fallen under Stevenson’s supervision.