Following Bill 141, the insurance industry has again been invited to a parliamentary committee in Quebec’s National Assembly. The provisions of Bill 150 will be on the agenda of the Committee on Public Finance on Jan. 30 and Feb. 6.
Several organizations will be heard. On Jan. 30, the Alliance pour un courtage plus fort, Intact Insurance, the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ), the Corporation des assureurs directs de dommages du Québec (CADD) and ACCAP, the Quebec arm of the Canadian Life and Health Insurance Association (CLHIA), will be able to address the Committee and Finance Minister Carlos J. Leitão.
On Feb. 6, it will be the Autorité des marchés financiers’ turn to be heard.
The full schedule can be consulted here in French.
Bill 150 is an omnibus budgetary bill that includes measures from the 2016 and 2017 budgets. Its main measure impacting the industry is the requirement that general insurance brokers offer clients quotes from four different insurers. Otherwise, they will be considered agents.
Bill 150 also addresses other issues, such as condominium insurance, the transfer of life insurance policies to third parties, and group insurance distribution.