D-9.2 - Act respecting the distribution of financial products and services

Section 83.1 Disposition versions

2021-12-08

83.1. A damage insurance brokerage agency that offers directly to the public insurance products that belong to a class prescribed by the regulation made for the purposes of section 38 must disclose on its website the names of the insurers for which it offers insurance products. It must also, in its written communications by which it invites the public to purchase such products, disclose the names of at least three of those insurers and indicate how to obtain the complete list of them.

A damage insurance brokerage firm must, in the same manner, disclose the following information:

(1)  the name of the legal person that holds an interest representing more than 20% of the value of the firm’s equity capital or, if that legal person belongs to a financial group within the meaning assigned to that expression by section 147, the name under which the group is known; and

(2)  the name of the insurer to which are paid more than 60% of the premiums stipulated in the contracts entered into by the firm for all of the classes prescribed by the regulation made for the purposes of section 38.

For the purposes of subparagraph 1 of the second paragraph, a firm’s equity capital does not include shares that do not carry the right to vote or the right to receive a share of the firm’s remaining property on liquidation.

A damage insurance firm must disclose, in the manner provided for in the first paragraph, the name of the insurer to which it is bound by an exclusive contract.

2018, c. 23, s. 531; 2021, c. 34, s. 63.

2019-12-13

83.1. A damage insurance firm or damage insurance brokerage firm must disclose, on its website and in its written communications with its clients, the names of the insurers for which it offers insurance products.

A firm must disclose, in the same manner, the name of any insurer to which it is bound by an exclusive contract and the products covered by that contract.

A brokerage firm must disclose, in the same manner, the following information:

(1)  the name of the financial institution, the financial group or the legal person related thereto that holds an interest in shares issued by the firm representing more than 20% of the value of the firm’s equity capital; and

(2)  the name of any insurer to which are paid more than 60% of the premiums stipulated in the contracts entered into by the firm and belonging to a single class prescribed by the regulation made for the purposes of section 38.

For the purposes of subparagraph 1 of the third paragraph, a firm’s equity capital does not include shares that do not carry the right to vote or the right to receive a share of the firm’s remaining property on liquidation.

2018, c. 23, s. 531.