LONGUEUIL, QCFeb. 21, 2018 /CNW Telbec/ – In conjunction with the detailed review of Bill 141, the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) would like to emphasize the importance of protecting consumers’ financial well-being by requiring a certified representative to be involved in insurance purchases. The RCCAQ is seeking to avoid disastrous consequences for consumers, particularly when submitting claims to insurers.

Modernization and consumer protection should go hand in hand

The RCCAQ supports efforts to modernize the legislative framework governing the distribution of property and casualty (P&C) insurance products. It decries the fact, however, that this process stands to jeopardize consumers’ interests. “The government should ensure that consumers have access to a distribution model offering the highest possible levels of protection. For many people, a home, a car and a cottage are among their most valuable financial assets,” said RCCAQ chair Christopher Johnson.

Consumers would be left to their own devices

If adopted in its current form, Bill 141 would allow consumers to purchase home or auto insurance online without the involvement of a representative such as a broker. Subject to ongoing training requirements and governed by a strict code of ethics, certified professionals serve as a safety net during insurance transactions, ensuring that responsibility for purchases does not fall solely on consumers’ shoulders. Nevertheless, this fundamental principle is on the verge of being undermined.

“In 2016, a Leger survey1 showed that 76% of Quebecers regarded P&C insurance as complex,” noted Mr. Johnson. “Although they may make for dry reading, riders, exclusions and other insurance policy provisions constitute essential information that brokers are able to explain to their clients. Our role is to work on consumers’ behalf and defend their interests when claims are submitted to an insurer.”

Consumer bankruptcies, as well as painful and expensive court cases with insurers, are likely to occur. The ideal solution, however, is within reach: simply require a certified professional to be involved in the online sales process.

About the RCCAQ
The RCCAQ is a professional association that seeks to promote and defend the socio-economic interests of its member firms, including over 4,200 brokers at some 500 firms and branch offices across the province of Quebec.

___________________________________________
1
 Leger survey conducted on behalf of CHAD in January 2016 (500 Quebecers aged 18 or older were interviewed).

www.rccaq.com

SOURCE Regroupement des cabinets de courtage d’assurance du Québec

Print Friendly, PDF & Email

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates from ILSTV

You have Successfully Subscribed!

Pin It on Pinterest