29 August 2018 11:30
The final text for the 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, is now available. It was published in the Gazette officielle du Québec on the 13th of August last. Tony Gagnon, team leader Publications du Québec, which publishes the Gazette officielle du Québec, had predicted that the text would be ready by the end of the summer.
The document has over 500 pages and 812 items, including 373 amendments after the initial filing on October 5, 2017 due to the work of the Committee on public finance.
Internet sales and abolition of the Rooms
Among other things, the draft law 141 wanted to regulate the sale of insurance products via the Internet. This issue has raised a number of debates on the intervention or not of a certified professional in the process.
It also provided for the abolition of the Chamber of damage insurance and of the Chambre de la sécurité financière to integrate their activities to thefinancial markets Authority. The minister of Finance Carlos Leitao has, however, backtracked on this point.
Measures 150 included
As a reminder, several of the measures in bill 150 that affected the insurance industry have been introduced and adopted in the draft act 141. This is the case, in particular, of the obligation for insurance brokers of damages to present three proposals of financial groups different to their customers in order to maintain their status as independent firm.
It only remains to wait for the regulations that will clarify several of the provisions of the Act.