{"id":1839,"date":"2019-11-07T18:39:23","date_gmt":"2019-11-07T18:39:23","guid":{"rendered":"http:\/\/stg.lareau.ca\/en\/?p=1839"},"modified":"2019-11-07T18:39:23","modified_gmt":"2019-11-07T18:39:23","slug":"the-amf-and-bill-141-brokerage-at-risk-consumers-aggrieved","status":"publish","type":"post","link":"https:\/\/lareau.ca\/en\/article\/the-amf-and-bill-141-brokerage-at-risk-consumers-aggrieved\/","title":{"rendered":"The AMF and Bill 141 \u2014 Brokerage at risk; consumers aggrieved"},"content":{"rendered":"

September marked the end of the\u00a0AMF’s\u00a0consultations\u00a0regarding the proposed\u00a0Damage Insurance Brokerage Regulation. Following the numerous articles and\u00a0memoranda<\/a> criticizing Bill\u00a0141, we consider it important as an independent brokerage\u00a0firm to also elaborate on our position towards these new regulations, which neglect the\u00a0consumer’s interest\u00a0and threaten the\u00a0future of brokerage in Quebec.<\/p>\n

The bill prepared by the\u00a0AMF wishes to\u00a0“improve the\u00a0supervision of the financial sector, the protection of\u00a0cash deposits and the financial institutions operating regime\u201d. However, several problematics arise under the regulations proposed by the Autorit\u00e9 des march\u00e9s financiers concerning the brokerage, including the creation of hybrid agencies and the disclosure of investment percentage.<\/p>\n

hybrid agencies<\/h3>\n

As a matter of fact, the\u00a0creation of\u00a0hybrid agencies, in which\u00a0brokers and agents\u00a0can\u00a0now coexist, will only\u00a0increase consumer confusion. This confusion is\u00a0due to the fact that, from\u00a0now on, direct insurers will be able to\u00a0corner these types of\u00a0agencies and monopolize the market, narrowing the boundaries\u00a0between the\u00a0insurer and the broker. While the initial goal\u00a0was to better differentiate the\u00a0respective roles of agents and insurance brokers, the\u00a0introduction of such entities\u00a0may confuse the client with what distinguishes the two professions.<\/p>\n

investment percentages<\/h3>\n

Moreover, we believe that to\u00a0oblige brokers\u00a0to disclose investment percentages to their clients\u00a0is not a measure that really defends the interests of the consumer. We support the\u00a0AMF in its\u00a0desire to promote the\u00a0extension role of the damage insurance broker. In fact, consumer skepticism about\u00a0insurance can only dissolve if, as brokers, we take the time to explain all possible subtleties. However, we do not believe that our investment percentages are relevant information to the client,\u00a0whether an individual or a business. This addition of\u00a0information does not lead, in any case, the consumer towards a more informed choice. On the contrary, the\u00a0client and broker\u00a0experience would be more burdensome.<\/p>\n

Finally,\u00a0being an independent brokerage\u00a0firm,\u00a0objectivity\u00a0is the very\u00a0essence\u00a0of our work to which we attach an utmost importance. We would like\u00a0to welcome the new\u00a0regulations supervising the number of quotes for individual brokers. The\u00a0effort of\u00a0impartiality\u00a0must be the mandate of all in the consumer\u2019s first interest so that the latter receives a most complete offer.<\/p>\n

reassessment<\/h3>\n

In light of that, we desire a reassessment of the proposed measures by the AMF in order to, on\u00a0one hand,\u00a0ensure a\u00a0balance between brokers and, on\u00a0the other hand, better protect the consumer’s interest, for which we are committed to offering a personalized and impartial service.<\/p>\n

If you have any questions about the Bill 141, send us an email<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

September marked the end of the\u00a0AMF’s\u00a0consultations\u00a0regarding the proposed\u00a0Damage Insurance Brokerage Regulation. Following the numerous articles and\u00a0memoranda criticizing Bill\u00a0141, we consider it important as an independent brokerage\u00a0firm to also elaborate on our position towards these new regulations, which neglect the\u00a0consumer’s interest\u00a0and threaten the\u00a0future of brokerage in Quebec. The bill prepared by the\u00a0AMF wishes to\u00a0“improve the\u00a0supervision of […]<\/p>\n","protected":false},"author":23,"featured_media":1842,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[535],"tags":[],"class_list":["post-1839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal","sector-personal"],"acf":[],"_links":{"self":[{"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/posts\/1839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/comments?post=1839"}],"version-history":[{"count":0,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/posts\/1839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/media\/1842"}],"wp:attachment":[{"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/media?parent=1839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/categories?post=1839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lareau.ca\/en\/wp-json\/wp\/v2\/tags?post=1839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}