Public Safety committee  We did not give testimony. We participated in the consultations.

Public Safety committee  Well, the issue that affects insurance companies.... There is a wall between banks and insurance companies. As you may know, going back to the four pillars, there has been a wall maintained between the banks and the insurance companies. A bank cannot sell insurance from the bank.

Public Safety committee  Our position is that the consumer should have ownership over their personal information, not the financial institutions that currently hold the data. The consumer should be the one to decide whom to share their personal and financial information with. We'd like to see standards p

Public Safety committee  It was mostly about the open banking issue. We had concerns, the same concerns we just expressed, and we were encouraged not to talk to MPs.

Public Safety committee  Member companies use services to make sure that their system is kept intact. We understand that all the companies use different outsiders, if you will, to help them do that, or they use internal knowledge, internal employees. There are many ways that are being used to do that, b

Public Safety committee  Certainly the protection of data is there. Even though we represent less of a risk in the insurance industry, it doesn't mean that we don't have strong standards for the protection of the data of our customers.

Public Safety committee  For sure, we only have a certain number of players right now, and we know they spend a lot of money on protecting the data. Our concern is, of course, that when you come up with a whole bunch of new players, be they fintech companies, we're not sure the same protection will be th

Public Safety committee  Right now there are some issues. Some people do practise what is called, I think, screen scraping. Basically they're taking their data. They give their usernames and passwords to third parties so that they can take their data from one bank and from the other bank and so on and ga

Public Safety committee  I think we need standards to pass the information from banks to third parties, and those standards are not there right now. They're in different formats.

Public Safety committee  I would say so.

Public Safety committee  Thank you, Mr. Chair. I'm going to be sharing my time with my colleague Steve Masnyk from SkyBridge Strategies. My name is Normand Lafrenière, and I am the President of the Canadian Association of Mutual Insurance Companies, or CAMIC for short. CAMIC represents 79 mutual insu

Finance committee  Well, we have heard back from our members. Of course, they are extremely disappointed to see that go. We also heard from some of the members that their own existence may be at stake in future years if they lose that tax exemption.

Finance committee  Many of our companies do more than 50% of their business with farmers. It is their raison d'être, if I can say it that way. Losing the tax exemption is a big issue for them.

Finance committee  Exactly, we're saying not to do any of that. We prefer not to direct what's up there. We're saying it could be improved, but we would prefer not having it improved over losing it all. We're asking you to take a second look and not do anything, please, so we can keep it the way it

Finance committee  They may be able to find insurance elsewhere, but they are the ones who set up the mutual insurance companies. They did this long ago, especially in the case of farmers. Fishers created their companies later. They set up insurance companies to ensure that insurance would be avail