The Liberal Senate Forum

Connect

facebook Ideas Forum youtube flickr

Meet Senator

Fernand Robichaud

The Hon. Fernand Robichaud, P.C. Appointed to the Senate by the Rt. Honourable Jean Chrétien, Senator Fernand Robichaud represents the province of New Brunswick and the Senatorial Division of Saint-Louis-de-Kent. He has served in the Senate of Canada since September 23, 1997.

Statements & Hansard

Industrial Alliance Pacific Insurance and Financial Services Inc.

More on...

Share

Feedback

Read the comments left on this page or add yours.
Statement made on 24 April 2012 by Senator Dennis Dawson

Hon. Dennis Dawson:

Honourable senators, as Senator Comeau mentioned, this is not a controversial bill. A private company requested this bill in order to move from federal jurisdiction to the provincial jurisdiction of the Province of Quebec. Industrial Alliance Pacific, IAP, is a subsidiary of Industrial Alliance Pacific Insurance and Financial Services, an insurance company incorporated under the laws of Quebec.

In order to make the change between the federal and provincial jurisdictions, a private bill has to be passed since no other provision under the Insurance Companies Act of Canada can transfer a federally regulated company to a provincial jurisdiction. This initiative is similar to the one taken last December to bring another of their subsidiaries under Quebec's jurisdiction. As was the case last December, the parent company is seeking this change in an effort to be more efficient.

It should be noted that the company received approval from both financial market regulating bodies, at the federal and provincial levels.

I would add that this institution is not setting a precedent because, since 1994, four insurance companies have gone through the same process in order to be subject to the laws of Quebec. The last time we passed similar legislation was in December for the same company.

In closing, I would like to add that it is perhaps time to recommend to the Government of Canada that it amend the Insurance Companies Act to allow jurisdictional transfers to be made without taking up the precious time of the House and committees. As I said earlier, I asked that the Library of Parliament look into viable options. One of the conclusions in the report is that the reason there is no clause allowing for a transfer of jurisdiction is to protect the interests of insurance policy holders. We could therefore, for example, include a provision that would allow a transfer of jurisdiction if the minister or the Superintendent of Financial Institutions is convinced that the regime in the new jurisdiction offers policy holders protection similar to that offered by the federal legislation.

I will come back to this soon, honourable senators.

If honourable senators agree, with leave of the Senate and notwithstanding rule 58(1), I will now move, and I think that Senator Comeau agrees:

That rule 115 be suspended with respect to Bill S-1003, An Act to authorize Industrial Alliance Pacific Insurance and Financial Services Inc. to apply to be continued as a body corporate under the laws of Quebec.

And that the bill be referred to the Standing Senate Committee on Legal and Constitutional Affairs.

Recent Statements from Liberal Senators

First Nations Control of First Nations Education Bill

10 Apr, 2014 | By Senator Lillian Eva Dyck | Honourable senators, I would like to say a few words about this motion. I am definitely in support of it. The idea of a First Nations education act is critically important to the welfare of First Nations across Canada, and especially to our young people.

Income Inequality

10 Apr, 2014 | By Senator Céline Hervieux-Payette | What does the government intend to do to learn from the financial crisis, reduce wealth inequality, and follow the lead of other jurisdictions that have started to rein in compensation that has nothing to do with the productivity of the people who earn the average salary of a Canadian in half a day?

Broadcast of Senate Proceedings

10 Apr, 2014 | By Senator Grant Mitchelll | What is the leader's personal opinion about televising the Senate?

National Pharmacare

10 Apr, 2014 | By Senator Art Eggleton | That was supported unanimously in the Senate, so I take it, senator, that you would be willing to now advance this idea to the government.

National Pharmacare

10 Apr, 2014 | By Senator James Cowan | My question is: Will this government put National Pharmacare on the agenda?
« 1 2 3 4 5  ... » 
Recycle

You can retrieve this page at:
http://www.liberalsenate.ca/In-The-Senate/Statement/15954_Industrial-Alliance-Pacific-Insurance-and-Financial-Services-Inc.
Please recycle this document.