Home Subscribe Advertising Contact info Industry Links Company &    Ratings Search Daily service Email Us

Brokers renew efforts to ward off banks     (Copyright Thompson’s World Insurance News     Not to be redistributed by individual recipients.)     The Canadian Bankers Association is so far downplaying its aspirations for the next round of financial institutions legislation review — due for 2012 — but p&c insurance brokers are remaining vigilant nonetheless.     Unlike with the last review, when the bankers went all out in an attempt to overturn what they regarded as “archaic” and anti-consumer federal rules limiting their selling of p&c insurance in their branches, they are not anticipating a big shake-up of Canada’s financial services landscape.     “The government is required to look at the Bank Act every five years but we are not anticipating a major review or major changes this time around,” CBA’s Maura Drew-Lytle told Thompson’s.     The brokers are not taking any chances.     In fact they’re already mobilizing to make sure the banks’ selling powers issue remains off the burner for another five years.     “(Federal) Finance Minister Jim Flaherty understands our position and what is best for Canadians but he doesn’t control the Bank Act Review,” said Martin Merry and Reid executive vp Justin MacGregor, current president of the Insurance Brokers Association of Canada said.     He noted the review is conducted by the Finance Committee which is made up of Members of Parliament. “Advocacy is a key part of what we do,” Mr. MacGregor said. “So we’re encouraging brokers to get out and meet their federal representatives.”     He noted that while brokers already have good relations with their municipal and provincial elected officials, meeting their federal MPs is harder work.     “It’s more difficult to build a relationship. And with an election between now and the next review it is imperative that brokers talk to MPs from all parties.”     Much more in our July 12 2010 edition, including a roundup of the banks current insurance activities. If you are not a regular reader, go to www.thompsonsnews.com and click on subscribe on the right hand side of the page.        Thompson’s World Insurance News P.O. Box 1027,  Waterloo, Ontario,  Canada  N2J 4S1 Tel: 519-579-2500 Fax: 519-745-7321 mpub@sympatico.ca THOMPSON’S WORLD INSURANCE NEWS , Canada’s only independent weekly for p&c insurance professionals, has been the industry’s most trusted news source since 1988.