May 10, 2018 09:45
The insurance Office of Canada (IBC), thecanadian Association of insurance companies of persons (CLHIA) and the Corporation of the insurers for damages in Québec (CADD) make a common front in favour of maintaining the draft law 141. Their support comes as several consumer agencies, companies and organizations ask for the withdrawal of the draft law.
“The current laws have not been revised for 20 years, an overhaul is needed, say the agencies. For more than 5 years, a review process has been put in place. This process has given birth to six departmental reports giving rise to extensive consultations and, following the submission of the draft law, hearings by a parliamentary committee were held. In these circumstances, it is difficult to talk about precipitation when so much work has been done for the past 5 years. “
“Improvements to the protection of the consumer”
In response to the arguments required by the consumer organisations at the press conference for the withdrawal of the draft law, Pierre Babinsky, director of communications and public affairs of the TRAY, maintains that ” the bill essentially brings many improvements to the protection of the consumer “.
“Withdraw the draft bill 141 would have important consequences for the protection of consumers and would defer to a future difficult to predict any serious revision of the supervision of québec’s financial sector, which is currently obsolete,” says Denis Côté, director general of the CADD.
“This project modernization of the supervision of the financial sector as a reform of comprehensive, coherent and consistent, which makes no compromises on the protection of the consumer. It is therefore critical that the legislative process take its course, and that the bill could be adopted as soon as possible. Quebecers must be able to rely on strong leadership and the bearer of trust “, concludes the group.
Bernard Landry, former prime minister and former Finance minister, has added his voice to the consumer groups, companies, and organizations requesting the withdrawal of bill 141, in an open letter published in various media, including The Duty. Alain Paquet, the former minister for Finance and professor at ESG-UQAM, Rosaire Bertrand, former minister, and Hubert Benoit, former member of parliament and a financial security advisor, are co-signers of the letter.
In the letter, the signatories state that the draft law 141 breaks the “fundamental balance” that is formed by theAutorité des marchés financiers, the Chamber of damage insurance and the Chambre de la sécurité financière, which “complementary roles” have been entrusted to us.
“To maintain the safeguards are adequate”
They defend the “safeguards” currently in place for the distribution with a representative, and they prove their point by highlighting the various agreements that have occurred between the Authority and the various financial institutions for violations related to sales.
The signatories also note that only 27.7 % of the articles in the bill have been addressed in the course of the ten sessions in a detailed study, showing the complexity of the text of 485 pages, 2 349 articles, which amends 60 laws existing and which requires 4 653 pages of explanatory notes.
“Clearly, the adoption of steam would not only serious, but it would be a denial of democracy to the unfortunate consequences and thoughtless,” they concluded.