October 23, 2009 Organization

Montréal – The Autorité des marchés financiers (AMF) has published for comment, in its Bulletin, draft Regulation respecting the Issuance and Renewal of Representatives' Certificates.

This draft regulation would replace the current Regulation respecting the issuance and renewal of representatives' certificates, which came into force on July 19, 1999.

The draft regulation sets out the conditions that should henceforth be satisfied to obtain a representative’s certificate in the sectors of insurance of persons, group insurance of persons, damage insurance, claims adjustment and financial planning.

The draft regulation, which is a complete update of the current regulation, is intended to:

• adapt the conditions pertaining to the issuance of a representative’s certificate to the realities of the industry, particularly the growing labour shortage;
• eliminate the administrative concerns raised by the industry and streamline the administrative and regulatory burden for the benefit of representatives;
• enhance the protection of the public by ensuring that the new career eligibility requirements guarantee that candidates acquire the competencies necessary to pursue activities as a representative.

At the start of the project in fall 2008, the AMF met with industry representatives to discuss issues and gather their initial observations. The formal comment period has now begun, and any person wishing to comment on the regulation is invited to do so within the next 30 days.

The text of the draft regulation and the accompanying notice and request for comment are available on the AMF website under Public Consultations.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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