Mr. Speaker, I recently met with representatives of the Insurance Brokers Association of Ontario. This association represents over 8,000 licensed brokers plus support staff employed in over 1,100 offices contributing to local economies throughout Ontario.
These small business people have valid concerns about the possibility of chartered banks being permitted to aggressively enter the insurance business. On the surface it may appear to be just two industries in competition over a business segment, but it is much more than that. It is about the survival of many hundreds of small insurance brokerage firms. It is about the survival of thousands of Canadian jobs.
I implore the government not to alter the 1992 legislation which is working very effectively. The banks are raking in record profits. They have moved in on the brokerage industry. Now they want to move in on the insurance industry. What is next? It is time the little guy gets a break.