Quebec insurance bills could overturn industry
Published: December 20, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
Quebec has recently proposed two bills that could bring sweeping reforms to the province’s insurance market. Bills 141 and 150 will allow insurance companies in Quebec to sell products and solutions online without a broker or agent.
Under the new rules, stricter demands will be placed on brokers that deal with damage insurance. Companies will need to provide policies from a minimum of four insurance providers, each coming from different financial groups. If this is not possible, brokers will have to prove to regulators that they did everything possible to do so. When this step is not taken the brokerage will have to change its registration to become an insurance agency.
Clyde & Co has highlighted the confusion around the bills, specifically whether requirements will apply to all policy types. Additional changes proposed by the bills includes giving consumers the right to a 10-day grace period where they can cancel a purchased policy that has been contracted online.
Bills 141 and 150 also propose damage insurance agencies and broker firms will have to officially announce the names of insurance companies who they offer products for on their website.