An Act respecting the Insurance Business (Banks and Bank Holding Companies) Regulations

This bill was last introduced in the 40th Parliament, 3rd Session, which ended in March 2011.

This bill was previously introduced in the 40th Parliament, 2nd Session.

Sponsor

Alexandra Mendes  Liberal

Introduced as a private member’s bill. (These don’t often become law.)

Status

Introduced, as of Oct. 7, 2009
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment requires the Governor in Council to amend the Insurance Business (Banks and Bank Holding Companies) Regulations.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

An Act respecting the Insurance Business (Banks and Bank Holding Companies) RegulationsRoutine Proceedings

October 7th, 2009 / 3:30 p.m.
See context

Liberal

Alexandra Mendes Liberal Brossard—La Prairie, QC

moved for leave to introduce Bill C-457, An Act respecting the Insurance Business (Banks and Bank Holding Companies) Regulations.

Mr. Speaker, I am honoured to table this bill, seconded by my hon. colleague from Scarborough Southwest, that takes aim at making significant changes to the insurance business regulations for banks and bank holding companies in order to ensure that small and medium insurance brokers have a level playing field.

The bill amends four key provisions in the regulations in order to prevent Canadian banks from having an unfair advantage over independent insurance companies, agents or brokers. It clarifies, among other things, the term “telecommunications” to include the Internet. This change alone shows how outdated the regulations are.

This bill is a wake-up call to this House. There is a need to think of ways of modernizing the Bank Act and its regulations immediately.

I call upon all members of this House to support the intentions of the bill.

(Motions deemed adopted, bill read the first time and printed)