Quebec moves to create “super regulator”

Quebec’s insurers could soon find themselves under the umbrella of a “super regulator” which would also oversee securities, deposit-taking institutions and other financial services.The new regulator, proposed in Bill 107, would enforce the Insurance Act and Automobile Insurance Acts in the province, as well as a multitude of other financial services legislation. It would replace all other financial services regulators and the regulatory functions of the Inspector General of Financial Institutions.The proposal is being called a “sweeping omnibus bill”, and some critics say it is an attempt to thwart the federal government’s attempt to create a national securities regulator.According to the bill’s provisions, once passed, a transitional bureau is charged with having the new regulator set up “within at most twelve months”. Staff and resources from existing regulatory agencies will be transferred to the new super regulator, and a CEO will be put in charge of the new structure.The bill could be pushed through prior to June 21, when the legislature breaks for the summer.