During the release of its budget for the period of 2017-2018 this week, the provincial government of Quebec made known its intentions to update its insurance regulatory framework.
According to documents, the government is proposing changes to the regulations because “the insurance industry is subject to the development of new business models,” thus necessitating the need for adjustments. Officials also added that “[the] use of new technologies poses major challenges for both insurers and regulators.”
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Citing a specific instance as an example, the government wants to ensure that consumers’ privacy protection can be respected in industry recourse and practices – particularly when it comes to genetic testing and the use of mass data. New regulations should be able to address such issues and more.
Le Journal de l’assurance noted that the regulation changes will also look into addressing problems with group insurance in damage insurance, condominium insurance, ownership limits for broker-dealers, property and casualty insurance, and life insurance policy buybacks.
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“The improvement of the regulatory framework of this sector will aim to allow Quebec consumers to benefit from these technological advances while maintaining a financial sector that is safe and stable,” the government document concluded.
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