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Bill 141 has been adopted

by

Andrea Lubeck

,

Justine Montminy

13 June 2018 13:30

Bill 141, an Act aimed principally at improving the supervision of the financial sector, the protection of the money deposits and the plan of operation of financial institutions, has been adopted today, two days from the end of the parliamentary session.

The minister of Finance, Carlos J. Leitão, stressed yesterday that the bill required more than 60 hours of study by a parliamentary committee. He announced that the government plans to create an advisory committee of consumers and users of financial products and services that will have the mission to enforce the opinion of consumers with thefinancial markets Authority.

Mr. Leitao reiterated that it did not ” exempt the representatives and dealers to the guidance that is now applicable “.

One last attack towards the Rooms

Mr. Leitão has again hammered that he believes that the continuation of the supervision by the Chambers installation of “red tape” and “malfunctions” that have not been corrected and which will eventually have to be.”

“It remains clear that the integration of the chambers of the AMF in order to simplify the use and enhance the protection of consumers is, in our opinion, a logical solution inevitable in the long term in the interest of consumers, representatives and firms “, he added.

“I sincerely hope that no citizen will be penalized by this refusal to improve current oversight, including in situations where this double framing could not allow it to block sufficient funds rapidly in case of fraud. I rest confident on the fact that the general interest will eventually prevail in the face of special interests, ” concluded Mr Leitão.

Openness and flexibility

“I must stress that the minister of Finance has been openness and flexibility, and this has led to a result which is suitable, and even that is very, very well. It is not perfect, but it is a result that is much higher than the starting point that we had “, Nicolas Marceau, spokesperson for the Parti Québécois in the field of finance.

He welcomed the work that the Parti Québécois has done to modify some of the measures, including those on the maintenance of the Rooms, on the introduction of tags for sale through the Internet, that the Authority can determine which products could be sold or not on the Internet, the removal of the provisions on the insurance of funeral expenses and the introduction of certain measures of the bill 150 in bill 141.

As Nicolas Marceau that François Bonnardel, spokesperson for the Coalition Avenir Québec (CAQ) in the field of finance, have highlighted the extent of the bill. “I think [he is] the bill for the largest on which I had the pleasure of working since my arrival here, to the national Assembly, and I have not yet been able to demonstrate that there were more voluminous, which have been adopted by this Assembly for the last few decades “, called Mr. Marceau.

A mixed reception

The insurance Bureau of Canada (IBC) said to see the adoption of bill 141 as positive, particularly in relation to the modernisation of the legislative framework of the financial sector.

“Significant advances have been made, which will enable insurers to adapt their practices to the realities of today and to offer québec consumers products that meet their needs that are constantly changing, the pace of technological innovation,” says Johanne Lamanque, vice-president, Québec, of the TRAY.

Meanwhile, the Coalition of associations of consumers believe that the amendments that were deleted were the ” worst of the bill “. “The bill is far from meeting the needs of the consumer. We have not added the elements that would have been necessary for the protection of the sale of online insurance, among other things, ” said Jacques St-Amant, analyst at the Coalition, in interview to the Newspaper of insurance.

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