The Chambre De L'assurance Is Becoming A Self-regulatory Organization

The Autorité des marchés financiers ("AMF") is proposing that the Chambre de l'assurance (the "Chambre") be recognized as a self-regulatory organization, by virtue of its power to delegate to a recognized body the exercise of certain functions and powers conferred upon it by law.¹ A public consultation will be held until December 12, 2025.

The Chambre was created through the amalgamation of the Chambre de l'assurance de dommages ("ChAD") and the Chambre de la sécurité financière ("CSF").

Function of the Chambre

The Chambre has a mandate to provide quality oversight to the insurance and financial planning industry while maintaining a high level of public protection and ensures the continuous training, ethics and discipline of its members. If approved, the Chambre will oversee approximately 33,000 professionals in the fields of insurance of persons, group insurance of persons, damage insurance, claims adjustment and financial planning.² Regarding financial planning, the Chambre de l'assurance will only handle discipline, as the continuing education component is provided by the Institut de planification financière.³

Regulatory Cohesion

This reorganization aims to clarify roles and avoid duplication in regulatory supervision. Starting in July 2026, the supervision of mutual fund representatives will be transferred to the Canadian Investment Regulatory Organization, while the supervision of scholarship plan representatives will fall under the AMF.⁴

While awaiting the official recognition of the new Chamber, a temporary mechanism has been put in place: requests for investigations involving representatives of mutual fund dealers and scholarship plans will now be heard by the Tribunal administratif des marchés financiers (in French), replacing the Chamber's disciplinary committee. These measures demonstrate a desire to ensure an organized transition and avoid overlap between regulatory authorities.⁵

As part of the transition to the new Chambre, the regulations, codes of ethics, and policies of the ChAD and the CSF remain in effect until new equivalent rules are adopted. The transitional measures already in place ensure the continuity of the regulatory framework, particularly with regard to professional training obligations, which are valid until March 31, 2026.⁶

Implications

One of the practical implications of the reorganization is the expansion of coverage of the Financial Services Compensation Fund, which will offer compensation relating to a greater number of financial professionals, including brokers, representatives, and certified trainees in the event of fraud or misappropriation of funds. This extension may require changes to internal practices, particularly regarding the contributions to the fund, claims management, and compliance.

Conclusion and Next Steps⁷:

The official recognition of the new Chambre is following a rigorous process, currently in the public consultation phase. This consultation, open until December 12, 2025, allows parties to submit their comments on several aspects of the draft decision, including transparency, the independence of the syndic and the discipline committee, mechanisms for amending internal rules, and the parameters governing disciplinary sanctions.⁸

At the end of this period, the AMF will analyze the comments received, in collaboration with the Chambre, and may adjust the draft decision accordingly.

In accordance with Section 31 of Bill 92 and Sections 60 and 67 of the ARFS, the AMF's recognition decision must be rendered no later than July 4, 2026.⁹

Footnotes

1 Self-regulatory organizations | AMF.

2 Avis de consultation publique sur le projet de décision de reconnaissance de la Chambre de l'assurance à titre d'organisme d'autoréglementation, page 4 (in French).

3 Les balises de la reconnaissance de la Chambre de l'assurance sont connues — Portail de l'assurance (in French).

4 Chambre de l'assurance : l'AMF lance une consultation | Finance et Investissement (in French).

5 Avis de consultation publique sur le projet de décision de reconnaissance de la Chambre de l'assurance à titre d'organisme d'autoréglementation, page 3 (in French).

6 THOMPSON'S WORLD INSURANCE NEWS, October 13, 2025, Quebec regulator will operate as SRO, page 1.

7 Draft decision on the recognition of the Chambre de l'assurance and public consultation | CSF.

8 Chambre de l'assurance : l'AMF lance une consultation | Finance et Investissement (in French).

9 Avis de consultation publique sur le projet de décision de reconnaissance de la Chambre de l'assurance à titre d'organisme d'autoréglementation, page 1 (in French).

The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

© McMillan LLP 2025