Quebec Regulatory Restructuring: Impact on Insurance Advisors and Fund Dealers

A regulatory restructuring in Quebec has positioned the Chambre de l’assurance as the supervisory entity for life and health insurance advisors, property and casualty insurance representatives, and financial planners in the province. This move, effective under Bill 92 enacted by the Quebec government, marks the Chambre de l’assurance as an official self-regulatory organization (SRO).

In parallel, the Canadian Investment Regulatory Organization (CIRO) has taken over the oversight of mutual fund dealer representatives in Quebec, aligning with regulatory structures in other major jurisdictions. Meanwhile, the Autorité des marchés financiers (AMF) will directly supervise representatives of scholarship plan dealers.

Yves Ouellet, president and CEO of AMF, stated that these regulatory changes aim to simplify the financial regulatory framework while safeguarding investor interests. The AMF had sanctioned the new structure in April 2026.

From July 4 onward, CIRO will manage the continuing education requirements for mutual fund dealer representatives, overseeing course accreditation and maintaining education records. The organization will also handle complaint processing, case assessments, investigations, and disciplinary actions related to representatives' conduct. It assumes responsibility for ongoing cases, including those involving alleged misconduct before July 4, 2026.

CIRO, ensuring the independence of the disciplinary process, has established a system that separates investigative roles from decision-making duties. This was highlighted by Alexandre Bardoux, CIRO’s regional director of regulation for Quebec and Atlantic Canada.

Bill 92 has unified two previous self-regulatory bodies in Quebec, the Chambre de la sécurité financière and the Chambre de l’assurance de dommages, into the newly structured Chambre de l’assurance. This legislation allocated the supervision of mutual fund representatives to CIRO and entrusted the Chambre de l’assurance with other supervisory tasks. Industry groups had previously expressed concerns about the expedited passage of the bill without sufficient consultation.

Chantal Lamoureux, president and CEO of the Chambre de l’assurance, expressed commitment to executing the organization’s mission with openness and cooperation. CIRO president Andrew Kriegler stated that the new regulatory clarity benefits mutual fund dealers and their representatives by consolidating interactions under a single regulator, while applauding the collaborative efforts among the AMF, the Chambre, and CIRO during the transition process.

The creation of the Chambre de l’assurance in July 2025 involved the merger of the CSF and ChAD, with initial efforts including the integration of their boards and establishing a transition committee to guide the process, as detailed in their inaugural activity report.