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The Authority retrieves the inspection of the offices of 24 brokers and less

by

Serge Therrien

,

Andrea Lubeck

1 April 2019 13:30

Frédéric Pérodeau, Anne-Marie Poitras

Thefinancial markets Authority has terminated the agreement it had with the Chamber of damage insurance and the transfer of its inspection of firms of 24 brokers and less. The Authority therefore proceeds to follow ‘ the evolution of business models of firms “, explained Frédéric Pérodeau, superintendent of the assistance to clients and the supervision of the distribution to the Authority, in interview to the Newspaper of insurance.

“The financial ecosystem has changed a lot since the conclusion of the first agreement in 2005. We have seen the emergence of new products, new business models and new technologies. The site development regulations, which is ongoing, we suspect that this trend will accelerate. We want to be able to better follow the evolution of practices, measure the effectiveness of the regulatory framework and be able to adapt to the need, ” he says.

Mr. Pérodeau says that it is not a “repudiation for the work of the Chamber” and thanks her for everything she has done since 2005.

“We have honored the mandate which has been entrusted to us nearly 15 years. We are proud of the work we have done. We are now looking forward to the future in making our strategic planning. Several projects will emerge “, adds Anne-Marie Poitras, president and ceo of the Chamber.

Transition period

In the meantime, a transition period is in place until August, during which the Chamber will supplement inspections scheduled. “We are working closely with the Authority for the transition. We still have ongoing inspections, reports to finish and some new inspections that were targeted with the help of the Authority. There are a couple of folders to do by the end of the summer, ” says Ms. Poitras.

The Chamber carried out on average a hundred inspections per year since 2005. According to the statistics of the body, approximately 1 200 inspections have been carried out in 15 years in a basin of about 900 firms. “We were already returned to our second and third tour of inspection,” says Ms. Poitras.

Three employees assigned to the inspections

To the Chamber of damage insurance, three employees were assigned to the inspections, to be a director of inspection, an inspector and an analyst-technician. Ms. Poitras, which indicates that they may submit their application to the Authority if positions open, or that it would be possible to continue their career within the organisme d’autoréglementation.

“With our strategic planning, we have obviously a lot of bread on the board and several projects on the horizon. For us, there may be opportunities to keep these employees for the projects that will be decided during the planning, ” she argued in an interview in the Journal of the insurance.

To the Authority, the team of inspection is composed of a dozen inspectors. The regulator is currently in the process of evaluation of the staffing to see if new positions will be posted for the team. “It is possible that positions will be posted on this team in order to take account of the fact that the customer base widens. This work will be part of a team that is already functional, then we are going to evaluate the additional work it will require and we will proceed to a decision of the staffing in the coming months “, said Mr. Pérodeau. However, it cannot confirm how many positions would be available, if applicable.

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