8 February 2018 07:00
Bill 141 makes nearly 500 pages. It provides for several changes. Here are the main.
The insurance Act is replaced by the Law on insurers. It encompasses the monitoring, the commercial practices and the rules of governance applicable to insurers authorized in Québec ;
The bill reiterates the role of council representatives. It is now specified that the representative must «ensure to advise his or her client» rather than saying that it «is adequately as advisor» ;
The sale of insurance via the Internet will be permitted according to specific modalities ;
The bill introduces a new form of insurance in Quebec, the unions, reciprocal, described in the new Law on insurers as a set of persons bound by contract.
The Chambre de la sécurité financière and the Chambre de l’assurance damages are abolished. Their responsibilities will be integrated within theAuthority of the financial markets, which will become a one-stop shop.
Any insurer authorized shall have a board of directors consisting of at least seven members. This board will have to ensure that the insurer should follow sound commercial practices and of sound and prudent management. It shall appoint from among its members an audit committee and an ethics committee ;
An advisory Committee of consumers of products and users of financial services is put in place ;
The provisions concerning complaints that are modified to the benefit of consumers. Complaints that meet certain characteristics should be recorded in a register and the time limit passed to the client. The Authority will act as a conciliation for disputes which have not been settled in-house ;
The rules pertaining to complaints will be the same for insurers and law firms ;
The compensation Fund of the financial services is expanded without regard to the offered product or the service rendered to the investor ;
The delay between the meaning of an investigation and the suspension of the licence of a representative is to be eliminated.