30 May 2018 11:00
Carlos J. Leitão, minister of Finance, François Bonnardel, member for Granby and Nicolas Marceau, the mna for Rousseau | Photos : Denis Méthot
The provisions laid down in the bill 150 which would require brokers to offer four submissions to their clients will be reintroduced in bill 141. The Quebec minister of Finance Carlos J. Leitão made the announcement at the resumption of the work of the Committee on public Finance.
Pressed for questions by the member for Rousseau , Nicolas Marceau, M. Leitão confirmed that they would be reintroduced at the end of the process of reading article by article the draft law 141.
They will be included in the sixth theme of the work, when the public Finance Commission will speak about the transitional and final provisions of the draft law 141. The commission is currently in the third theme of its work. This parliamentary session ends on June 15, with elections scheduled for the fall. These provisions were removed from the bill 150, adopted on 17 may. Their fate was uncertain until yesterday, may 29.
Brokers in the region will be ” exterminated “, feared Marceau
A parliamentary committee, Mr. Leitão has indicated that it intends to bring the provisions of bill 150, as they were written at the start. It has repeatedly invited the opposition members to give him their suggestions.
Mr. Marceau noted that it was up to the government to write these sections of the act. The member for Rousseau mentioned his disagreement with the re-introduction, pure and simple, of the articles of the bill 150. “It will lead to the extermination of the brokers in the region,” he said.
Mr. Marceau said he was open to discussing a modified version of the provisions of bill 150, including the number of bids that a broker needs to provide. He then asked that a text of law, “as amended, wiser, and more balanced” to be filed. He also requested that the minister “do not wait until the last second” to keep up this discussion.
“There are a lot of people worried,” raised to the spokesperson of the Parti Québécois in the field of finance.
3 rather than 4 ?
François Bonnardel, member for Granby for the Coalition Avenir Québec, has subsequently pointed out that discussions had taken place with brokers. A common ground has been found, he also revealed. Mr. Leitão has also admitted to having discussed with associations of dealers of the question, without, however, specifying which.
According to the Journal of insurance has learned from various sources who have requested anonymity, the broker-dealer that is said to be independent should be able to present three proposals to his client. It could, however, be argued some exceptional situations when it may not satisfy the requirement.
Always according to our sources, the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) is at the origin of this proposal. The Journal of insurance has joined the RCCAQ to validate the information. At the time of broadcast of the present text, the RCCAQ did not respond to our communications.
A wording of these provisions should appear shortly, also learned of the insurance Journal. “The exchanges will take place between the office of the minister and the parliamentary in this matter by the end of next week,” said one of our sources.
The future Rooms in the heart of the debates
The Committee on public Finance has initiated in the evening to work on the provisions relating to the responsibilities of the rooms. The integration of the Chamber of damage insurance and of the Chamber of financial security within theAuthority of the financial markets will therefore be discussed. Moreover, the session Tuesday night was essentially a battle of arguments between the minister and the ministry, and on the other hand, Nicolas Marceau and François Bonnardel. The work continues today on may 30.