D-9.2, r. 15 - Regulation respecting the registration of firms, representatives and independent partnerships

Section 10 Disposition versions

2023-06-01

10. To maintain its registration, a firm, an independent representative or an independent partnership shall:

(1)  in the case of a firm, an independent representative or an independent partnership which or who receives or collects any amount on behalf of others, maintain a separate account in which all amounts received or collected on behalf of others shall be deposited forthwith in connection with its or his activities governed by the Act.

For the purposes of this Regulation, the expression “separate account” means a separate account opened at an institution of which the deposits are guaranteed pursuant to the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), in which the firm, the independent representative or the independent partnership concerned shall deposit all amounts which are received or collected by it or him on behalf of others;

(1.1)  (paragraph revoked);

(2)  within 45 days of a request made by the Authority transmit to it annually:

(a)  proof of the maintenance of the liability insurance that is consistent with the Regulation respecting firms, independent representatives and independent partnerships (chapter D-9.2, r. 2);

(b)  in the case of a firm, proof of maintenance of liability insurance in respect of representatives acting on its behalf without being employed by it, that is consistent with the Regulation respecting the pursuit of activities as a representative (chapter D-9.2, r. 10);

(c)  in the case of a firm acting through a broker in damage insurance authorized to act as a special broker, copy of the security, that is consistent with the Regulation respecting special brokerage in damage insurance (chapter D-9.2, r. 6);

(d)  (paragraph revoked);

(e)  an updated list, by sector, giving the names and residential addresses of the representatives through whom the firm or independent partnership carries on its activities, specifying, in the case of a firm, those who are employees and those who act on its behalf without being employed by it, and, in the case of a partnership, those who are partners and those who are employees;

(f)  as the case may be, the names and residential addresses of all persons in its employ and referred to in section 547 of the Act;

(g)  a declaration signed by each of the directors and officers of the firm or the partners of an independent partnership, as the case may be, confirming whether they are in one of the situations referred to in paragraph 16 of section 2 or in paragraph 10 of section 6;

(h)  as the case may be, a declaration signed by the independent representative or, in the case of a firm or independent partnership, by the person authorized to sign the application for registration, confirming that no change in circumstances has occurred affecting the accuracy of the information provided to the Authority;

(i)  in the case of a firm registered in the sector of mortgage brokerage, the names of the mortgage lenders holding, directly or indirectly, interests in its ownership, or in whose ownership the firm holds direct or indirect interests;

(j)  in the case of a firm, independent representative or independent partnership registered in the sector of mortgage brokerage:

i.  the names of the lenders whose loans secured by immovable hypothec were proposed to a client during the most recent year ending 31 December;

ii.  for each lender referred to in subparagraph i, the number of that lender’s loans secured by immovable hypothec proposed to clients during the most recent year ending 31 December as a proportion of the aggregate of the loans secured by immovable hypothec proposed to clients during this period;

iii.  the number of brokerage transactions engaged in in relation to loans secured by immovable hypothec during the most recent year ending 31 December;

iv.  a declaration signed by the independent representative or, in the case of a firm or independent partnership, by the person authorized to sign the application for registration, confirming that during the most recent year, the responsible officer satisfied the conditions prescribed in section 2.1, 4.1 or 6.1 at all times;

(3)  (paragraph implicitly revoked).

Decision 99.07.09, s. 10; O.C. 1130-2004, s. 3; M.O. 2009-06, s. 4; M.O. 2020-05, s. 8; M.O. 2023-08, s. 3; I.N. 2023-03-01.

2020-05-01

10. To maintain its registration, a firm, an independent representative or an independent partnership shall:

(1)  in the case of a firm, an independent representative or an independent partnership which or who receives or collects any amount on behalf of others, maintain a separate account in which all amounts received or collected on behalf of others shall be deposited forthwith in connection with its or his activities governed by the Act.

For the purposes of this Regulation, the expression “separate account” means a separate account opened at an institution of which the deposits are guaranteed pursuant to the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), in which the firm, the independent representative or the independent partnership concerned shall deposit all amounts which are received or collected by it or him on behalf of others;

(1.1)  (paragraph revoked);

(2)  within 45 days of a request made by the Authority transmit to it annually:

(a)  except in respect of an insurer intending to act through claims adjusters in its employ, proof of the maintenance of the liability insurance in accordance with the Regulation respecting firms, independent representatives and independent partnerships (chapter D-9.2, r. 2);

(b)  in the case of a firm, proof of maintenance of liability insurance in respect of representatives acting on its behalf without being employed by it, in accordance with the Regulation respecting the pursuit of activities as a representative (chapter D-9.2, r. 10);

(c)  in the case of a firm acting through a broker in damage insurance authorized to act as a special broker, copy of the security, in accordance with the Regulation respecting special brokerage in damage insurance (chapter D-9.2, r. 6);

(d)  (paragraph revoked);

(e)  an updated list, by sector, giving the names and residential addresses of the representatives through whom the firm or independent partnership carries on its activities, specifying, in the case of a firm, those who are employees and those who act on its behalf without being employed by it, and, in the case of a partnership, those who are partners and those who are employees;

(f)  as the case may be, the names and residential addresses of all persons in its employ and referred to in section 547 of the Act;

(g)  a declaration signed by each of the directors and officers of the firm or the partners of an independent partnership, as the case may be, confirming whether they are in one of the situations referred to in paragraph 16 of section 2 or in paragraph 10 of section 6;

(h)  as the case may be, a declaration signed by the independent representative or, in the case of a firm or independent partnership, by the person authorized to sign the application for registration, confirming that no change in circumstances has occurred affecting the accuracy of the information provided to the Authority;

(i)  in the case of a firm registered in the sector of mortgage brokerage, the names of the mortgage lenders holding, directly or indirectly, interests in its ownership, or in whose ownership the firm holds direct or indirect interests;

(j)  in the case of a firm, independent representative or independent partnership registered in the sector of mortgage brokerage:

i.  the names of the lenders whose loans secured by immovable hypothec were proposed to a client during the most recent year ending 31 December;

ii.  for each lender referred to in subparagraph i, the number of that lender’s loans secured by immovable hypothec proposed to clients during the most recent year ending 31 December as a proportion of the aggregate of the loans secured by immovable hypothec proposed to clients during this period;

iii.  the number of brokerage transactions engaged in in relation to loans secured by immovable hypothec during the most recent year ending 31 December;

iv.  a declaration signed by the independent representative or, in the case of a firm or independent partnership, by the person authorized to sign the application for registration, confirming that during the most recent year, the responsible officer satisfied the conditions prescribed in section 2.1, 4.1 or 6.1 at all times;

(3)  (paragraph implicitly revoked).

Decision 99.07.09, s. 10; O.C. 1130-2004, s. 3; M.O. 2009-06, s. 4; M.O. 2020-05, s. 8.

2019-06-13

10. To maintain its registration, a firm, an independent representative or an independent partnership shall:

(1)  in the case of a firm, an independent representative or an independent partnership registered in the sector of insurance of persons, group insurance of persons, damage insurance, claims adjustment or financial planning, which or who receives or collects any amount on behalf of others, maintain a separate account in which all amounts received or collected on behalf of others shall be deposited forthwith in connection with its or his activities governed by the Act.

For the purposes of this Regulation, the expression “separate account” means a separate account opened at an institution of which the deposits are guaranteed pursuant to the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2), in which the firm, the independent representative or the independent partnership concerned shall deposit all amounts which are received or collected by it or him on behalf of others;

(1.1)  (paragraph revoked);

(2)  within 45 days of a request made by the Authority transmit to it annually:

(a)  except in respect of an insurer intending to act through claims adjusters in its employ, proof of the maintenance of the liability insurance in accordance with the Regulation respecting firms, independent representatives and independent partnerships (chapter D-9.2, r. 2);

(b)  in the case of a firm, proof of maintenance of liability insurance in respect of representatives acting on its behalf without being employed by it, in accordance with the Regulation respecting the pursuit of activities as a representative (chapter D-9.2, r. 10);

(c)  in the case of a firm acting through a broker in damage insurance authorized to act as a special broker, copy of the security, in accordance with the Regulation respecting special brokerage in damage insurance (chapter D-9.2, r. 6);

(d)  (paragraph revoked);

(e)  an updated list, by sector, giving the names and residential addresses of the representatives through whom the firm or independent partnership carries on its activities, specifying, in the case of a firm, those who are employees and those who act on its behalf without being employed by it, and, in the case of a partnership, those who are partners and those who are employees;

(f)  as the case may be, the names and residential addresses of all persons in its employ and referred to in section 547 of the Act;

(g)  a declaration signed by each of the directors and officers of the firm or the partners of an independent partnership, as the case may be, confirming whether they are in one of the situations referred to in paragraph 16 of section 2 or in paragraph 10 of section 6;

(h)  as the case may be, a declaration signed by the independent representative or, in the case of a firm or independent partnership, by the person authorized to sign the application for registration, confirming that no change in circumstances has occurred affecting the accuracy of the information provided to the Authority;

(3)  (paragraph implicitly revoked).

Decision 99.07.09, s. 10; O.C. 1130-2004, s. 3; M.O. 2009-06, s. 4.

2012-09-01

10. To maintain its registration, a firm, an independent representative or an independent partnership shall:

(1)  in the case of a firm, an independent representative or an independent partnership registered in the sector of insurance of persons, group insurance of persons, damage insurance, claims adjustment or financial planning, which or who receives or collects any amount on behalf of others, maintain a separate account in which all amounts received or collected on behalf of others shall be deposited forthwith in connection with its or his activities governed by the Act.

For the purposes of this Regulation, the expression “separate account” means a separate account opened at an institution of which the deposits are guaranteed pursuant to the Deposit Insurance Act (chapter A-26), in which the firm, the independent representative or the independent partnership concerned shall deposit all amounts which are received or collected by it or him on behalf of others;

(1.1)  (paragraph revoked);

(2)  within 45 days of a request made by the Authority transmit to it annually:

(a)  except in respect of an insurer intending to act through claims adjusters in its employ, proof of the maintenance of the liability insurance in accordance with the Regulation respecting firms, independent representatives and independent partnerships (chapter D-9.2, r. 2);

(b)  in the case of a firm, proof of maintenance of liability insurance in respect of representatives acting on its behalf without being employed by it, in accordance with the Regulation respecting the pursuit of activities as a representative (chapter D-9.2, r. 10);

(c)  in the case of a firm acting through a broker in damage insurance authorized to act as a special broker, copy of the security, in accordance with the Regulation respecting special brokerage in damage insurance (chapter D-9.2, r. 6);

(d)  (paragraph revoked);

(e)  an updated list, by sector, giving the names and residential addresses of the representatives through whom the firm or independent partnership carries on its activities, specifying, in the case of a firm, those who are employees and those who act on its behalf without being employed by it, and, in the case of a partnership, those who are partners and those who are employees;

(f)  as the case may be, the names and residential addresses of all persons in its employ and referred to in section 547 of the Act;

(g)  a declaration signed by each of the directors and officers of the firm or the partners of an independent partnership, as the case may be, confirming whether they are in one of the situations referred to in paragraph 16 of section 2 or in paragraph 10 of section 6;

(h)  as the case may be, a declaration signed by the independent representative or, in the case of a firm or independent partnership, by the person authorized to sign the application for registration, confirming that no change in circumstances has occurred affecting the accuracy of the information provided to the Authority;

(3)  (paragraph implicitly revoked).

Decision 99.07.09, s. 10; O.C. 1130-2004, s. 3; M.O. 2009-06, s. 4.