The Ontario Broker - June 2018 - 31

O

nce again this spring insurance brokers from across Canada
descended on Parliament Hill in Ottawa to connect with their
local Members of Parliament and Senators. This year was the
best yet, with approximately 125 meetings taking place. Over
30 of these meetings were scheduled with representatives from across
Ontario. Brokers from the province made significant contributions to
discussions throughout the day, reinforcing our key messages on the Bank
Act, the separation of the pillars of banking and insurance, and touching
on other important topics including the increase in catastrophic events
and the impending cannabis legislation.
Later in the day, we hosted over 40 parliamentarians at the IBAC
reception where brokers had the opportunity to chat informally with their
representatives and further build relationships. The high numbers are a
positive sign of the excellent reputation that IBAC has built over the years
and it is wonderful to see the positive buzz that our broker delegates create
on Parliament Hill.
One of the highlights this year was a meeting with The Honourable Andrew
Scheer, Leader of the Official Opposition. Mr. Scheer began his career as
an insurance broker and has a deep understanding and appreciation of our
issues and concerns. We also had the opportunity to meet two Ontario
MPs who serve on the House of Commons Finance Committee - MP
Pierre Poilievre from the Ottawa area and MP Francesco Sorbara from the
GTA.
Our main advocacy focus continues to be maintaining restrictions in the
Bank Act that prevent banks from retailing insurance products at the point
of granting credit. We are remaining vigilant with regards to changes in
the Budget Implementation Act pertaining to the use of technology in the
financial services sector (fintech), and were pleased to receive clarification
that the blanket prohibitions in the Bank Act will also apply to fintech
entities.
With an increasing focus on questions of privacy and fintechs, it is
important to note that existing legislation stipulates that data can only be
used for the purpose for which it was collected, and can only be disclosed
with the consent of the individual. However, we agree that there is an
opportunity to strengthen these protections to better protect consumers
in a broader context and not only with regards to fintechs.
Hill Day is a great opportunity for brokers to connect with legislators on
a regular basis to continue a dialogue on these and other issues of the day.
Our goal is to increase their understanding of our viewpoints and build
relationships that allow IBAC to contribute to strong public policy that
impacts insurance brokers, consumers and the insurance industry as a
whole. Judging from the feedback from this year's delegation, we continue
to move closer to that goal.

WWW.IBAO.ORG

31

JUNE 2018


http://WWW.IBAO.ORG

Table of Contents for the Digital Edition of The Ontario Broker - June 2018

In This Issue
The Ontario Broker - June 2018 - Cover1
The Ontario Broker - June 2018 - Cover2
The Ontario Broker - June 2018 - 3
The Ontario Broker - June 2018 - 4
The Ontario Broker - June 2018 - In This Issue
The Ontario Broker - June 2018 - 6
The Ontario Broker - June 2018 - 7
The Ontario Broker - June 2018 - 8
The Ontario Broker - June 2018 - 9
The Ontario Broker - June 2018 - 10
The Ontario Broker - June 2018 - 11
The Ontario Broker - June 2018 - 12
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The Ontario Broker - June 2018 - 15
The Ontario Broker - June 2018 - 16
The Ontario Broker - June 2018 - 17
The Ontario Broker - June 2018 - 18
The Ontario Broker - June 2018 - 19
The Ontario Broker - June 2018 - 20
The Ontario Broker - June 2018 - 21
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The Ontario Broker - June 2018 - 27
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The Ontario Broker - June 2018 - 30
The Ontario Broker - June 2018 - 31
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The Ontario Broker - June 2018 - 35
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The Ontario Broker - June 2018 - 37
The Ontario Broker - June 2018 - 38
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The Ontario Broker - June 2018 - 41
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The Ontario Broker - June 2018 - 43
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The Ontario Broker - June 2018 - 45
The Ontario Broker - June 2018 - 46
The Ontario Broker - June 2018 - Cover3
The Ontario Broker - June 2018 - Cover4
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