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News & Press: Advocacy

Successful Federal Politican Meetings on the Bank Act, Natural Disasters, and Cannabis

June 7, 2018  
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At Hill Day on May 29, 2018, members of Insurance Brokers Association of Canada and the provincial associations met with members of parliament and senators to discuss the Bank Act, natural disasters, and cannabis legislation.

Together, we attended 130 meetings. Eight IBAA members, including Past President Scott Treasure (current IBAC president), President Paul VanderHooft, and CEO George Hodgson, were scheduled for 20 of these meetings.

The most important issue discussed was potential changes to the Bank Act (which will be reviewed by 2019 and renewed until 2023) and whether it would be affected by the proposed Budget Implementation Act (Bill C-74). Bill C-74 would modernize financial institutions for greater flexibility in financial technology (“fintech”) activities. Our position supported such modernization but addressed worries that banks could use the fintech modifications of Bill C-74 as a backdoor to sell insurance at the point of granting credit. Nothing in Bill C-74 will change the P&C activities that the Bank Act allows in the banks’ branches or websites. The IBAC message also urged the government to remain vigilant in ensuring that consumers’ privacy continues to be protected.

Regarding natural disasters and cannabis legislation, two main points were that government make use of insurance brokers in public awareness campaigns and that government and industry work together to protect Canadians from financial disaster.

Download the IBAC brochure we left behind at each meeting.

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