A Quebec regulator is considering changes to the way property & casualty insurance is regulated in that province. The Autorité des marchés financiers says it is undertaking a public consultation regarding possible changes to the regulatory regime governing the distribution of P&C insurance in Quebec.

The AMF issued a report today that sets out its thinking on the issues, which it raised in April when it released its “Report on commercial practices in the Quebec damage insurance brokerage sector.” In that initial report, the AMF noted that the large majority of the Quebec brokerage network is not independent of insurers, and that certain commercial practices common in Quebec are not in the best interests of consumers.

The new report, entitled “Consultation on commercial practices in the damage insurance brokerage sector in Quebec,” sets out possible solutions to these issues, and the AMF seeks comments.

It says that this consultation will “help develop regulatory measures with a view to fostering sound practices between dealers and insurers and promoting an environment that makes it easier for consumers to reach informed decisions. In this way, the AMF hopes to ensure that commercial practices in the damage insurance sector are adequate and that consumers of financial products are protected.”

The AMF has invited 12 organizations to present their comments as part of the public consultation, which is scheduled for September 14 and 15 in Quebec City. Others may submit comments to the AMF.