I-15.1 - Act respecting market intermediaries

Section 78 Disposition versions

1989-11-01

78. Each council shall determine, by by-law applicable to the market intermediaries of whom it regulates the activity,

(1)  the minimum qualification and training required to carry on the activity of market intermediary in insurance business as well as the minimum qualification and training required for those of his employees who deal directly with the public;

(2)  the rules governing the use of the title of insurance agent, insurance broker or claims adjuster;

(3)  the terms and conditions relating to the use of the title of financial planner by a market intermediary in insurance business;

(4)  the occupations in which a market intermediary in insurance business may engage;

(5)  the other conditions required for the issue of a certificate attesting the authorization to act as market intermediary in insurance business;

(6)  the dues exigible to carry on the activity of market intermediary in insurance business;

(7)  the period of validity of a certificate;

(8)  the various classes of certificates which it may issue and the conditions and restrictions attaching to each;

(9)  the terms and conditions of issue, renewal, suspension or cancellation of a certificate of market intermediary in insurance business;

(10)  the mentions which a certificate of market intermediary in insurance business may contain;

(11)  the conditions governing the carrying on of the activity of market intermediary in insurance business;

(12)  the rules of conduct applicable to market intermediaries in insurance business other than damage insurance brokers;

(13)  the contributions exigible from financial institutions using the services of market intermediaries in insurance business;

(14)  the cases and conditions in which security, a guarantee or civil liability insurance is exigible;

(15)  the information and other documents to be furnished by a market intermediary in insurance business;

(16)  the advertising and representations which a market intermediary in insurance business may make and the items with which the advertising and representations may deal;

(17)  the rules relating to the disclosure of the mode of remuneration of a market intermediary in insurance business and to the keeping of a register of commissions;

(18)  the terms and conditions relating to the sharing of the commission of a market intermediary in insurance business;

(19)  the nature, form and tenor of the books and registers to be kept by a market intermediary in insurance business;

(20)  the rules relating to the establishment and maintenance of a trust account;

(21)  the rules relating to the preservation or use and to the destruction of records, books and registers to be maintained by a market intermediary in insurance business;

(22)  the rules relating to the administration of an insurance compensation fund, the terms and conditions of investment of the sums of money which constitute the fund, the conditions applicable to claims filed, the maximum amount of compensation which may be paid according to the nature of the liability coverage of a market intermediary in insurance business, and the amounts and terms of payment of annual or special contributions to be paid into that fund;

(23)  the procedure and conditions applicable to the franchising of market intermediation in insurance business.

A council may, in respect of market intermediaries in insurance business of whom it regulates the activity, determine by by-law, special rules applicable to those of them who also have the title of financial planner.

A council may, by by-law dealing with the same topics, determine the rules applicable to firms.

The by-laws made by a council under this section shall be submitted to the Government for approval.

1989, c. 48, s. 78.