The Quebec government presented two long-awaited bills (Bills
141 and 150) last fall to modernize the insurance industry.
A stricter modernization of the insurance industry
As discussed in a
recent article, one of the key proposed legislation,
Bill 150, is to require brokerage firms dealing in
damage insurance to offer policies from at least four
insurers who belong to different financial groups. It also
requires them to disclose, on their website and in their
communications with their clients, the name of the insurers for
which they offer insurance products.
Under those proposed changes, Quebec's financial
institutions regulator, the AMF, could require firms to show that
they had made every effort to obtain four offers. Failing that, the
AMF would have to require that they change their registration to
insurance agency and their representatives' licenses from
brokers to agents. What's more, they would
have to enter into an exclusive contract with a single
