Evidence of meeting #32 for Finance in the 41st Parliament, 2nd Session. (The original version is on Parliament’s site, as are the minutes.) The winning word was accounts.
A video is available from Parliament.
5:30 p.m.
NDP
5:30 p.m.
Special Advisor to the Deputy Minister, Department of Justice
Governor in Council appointees are made by the Governor in Council, so therefore are made through government, not only the Minister of Justice.
5:30 p.m.
NDP
Murray Rankin NDP Victoria, BC
There is no consultation with other parties in the way that, for example, the Security Intelligence Review Committee, or other such tribunals, or the Privacy Commissioner.... There's none of that. It's all to the minister.
5:30 p.m.
Special Advisor to the Deputy Minister, Department of Justice
This person is not an agent of Parliament like those you have mentioned. This person is the head of a department.
5:30 p.m.
Conservative
The Chair Conservative James Rajotte
Thank you, Mr. Rankin.
I want to thank the two officials for being here and responding to questions. We appreciate that very much.
We'll now move quickly to division 14, please, and we'll try to get to division 12.
These are two ones from the Liberals. Okay, we'll start with Mr. Brison, then.
5:30 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
Thank you.
The industry has been waiting for clarity on this issue for several years. Does the government have a timeline by which it intends to introduce these regulations? Would it share the timeline with the industry that is looking for clarity?
May 6th, 2014 / 5:30 p.m.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
I don't have a specific deadline that I can share with you. All I can say is that the government is well aware, as you are, that there are certainly people involved in the industry who are anxious to be in a position to move ahead with this, and the government will take that into consideration in trying to move ahead as expeditiously as possible.
5:30 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
How many groups or organizations are affected by this demutualization? How many mutuals are we speaking of?
5:30 p.m.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
Let me get the list. There are seven federally incorporated property and casualty or general insurance companies that have a mutual structure. It's not necessarily the case that all of them would be interested in demutualizing, but that is the maximum.
5:30 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
Of these members, broadly how many are in favour of demutualization?
5:30 p.m.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
How many members of the companies...? I don't have that information. Indeed, I don't have a way of assessing whether members are in favour. I think many, if not most, members would want to know what the specifics of the demutualization would be. So part of the process that the government plans to elaborate in regulation, if and when it receives these additional powers from Parliament, is to ensure that, among other things, members have good information on which to base those decisions. I think for many members it would be impossible to make a statement in principle until they would see what the impact would be on them, and perhaps on the company as well.
5:30 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
Are you familiar with the House of Commons finance committee study of demutualization that was conducted?
5:30 p.m.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
Yes, but if you ask me a detailed question, I'll get it wrong.
5:30 p.m.
Liberal
5:35 p.m.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
Have I read the finance committee report on demutualization?
5:35 p.m.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
That's a good question. I'm sure I've seen at least a summary. I may have read the report, but I read, I'm sorry to say, many reports.
5:35 p.m.
Assistant Deputy Minister, Financial Sector Policy Branch, Department of Finance
It is indeed.
5:35 p.m.
Liberal
Scott Brison Liberal Kings—Hants, NS
I recognize you're a busy fellow, but it strikes me as passing strange that you've not taken time to familiarize yourself with a report. The idea was to help this finance committee to inform Finance Canada on this issue, but you're telling me you haven't read it.
5:35 p.m.
Conservative