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Bill 141 : The CLHIA was rolling up his sleeves for adjustments regulatory

by

Alain Thériault

June 14, 2018 11:30

Lyne Duhaime | Photo : Réjean Meloche

The quebec section of thecanadian Association of insurance companies of persons (CLHIA Quebec) has praised the work of parliamentarians and the minister of Finance in the adoption of the draft law 141, while recalling that there are still a lot of work to do in the next year on the plan, adjustments to regulations.

Among these, Lyne Duhaime, president of CLHIA Quebec, provides that several clarifications be made to certain provisions on the sale of insurance via the Internet, and the governance of corporations. «For example, the provisions on corporate governance provide that 50 % of the directors on the board of an insurer to quebec charter must reside in Québec. This does not respond to the reality of such insurers, which are increasingly used in business across Canada and elsewhere in the world, » stressed Ms. Duhaime.

«In the coming months, the challenge will be to implement this major reform. The industry will therefore continue to work with parliamentarians, the ministry of Finance and with the Authority of the financial markets in order to improve certain provisions «, a-t-it summary.

Bill 150

In an interview with the Journal of insurance, Lyne Duhaime said also rejoice in the fact that the provisions of the act 150 on redemptions of fonts have not been incorporated in the draft law 141. «Because, they were not responding adequately to the problems observed «, she added.

The maintenance of the Rooms does not detract from his enthusiasm. «The integration of the Rooms has never been a strategic goal for us. We still believe that integrating [theAuthority for the financial markets] would have been the preferable way to proceed. Overall, we are satisfied with the results, » said Ms. Duhaime.

Salute the work of parliamentarians

«First, note the sustained work of all the members of the Committee on public finance who have participated in more than 20 sessions and contributed to more than 60 hours of debate, rigorous in commission. I would also like to acknowledge the work of the ministry of Finance has carried out this major reform in recent years, said Lyne Duhaime. Paying as much attention and seriousness to this exercise, the national Assembly recognizes the importance of the financial sector for Quebec, which represents more than 6.3% of its GDP and provides more than 150,000 jobs. «

It is estimated that the modernization of laws is more in line with international trends in the field of supervision of the financial sector. «We note the improvement of the coverage of the compensation Fund of the financial services and the creation of an advisory committee of consumers who be able to make recommendations on the regulations with the Authority of financial markets «, says dr. Duhaime.

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