CRM2 risks exacerbating differences between life insurance and investment sectorspar Hubert Roy | July 15 2015 01:57PM
Louis Morisset, CEO of the Autorité des marchés financiers, openly admits that the Client Relationship Model Phase 2 (CRM2) risks exacerbating differences between the life insurance and investment sectors.
All the same, he is convinced that the AMF must follow through on this file.
Morisset shared this view at an exclusive interview granted to The Insurance and Investment Journal on May 5, at the regulator’s Montreal offices.
“Are the differences between the two justified? Do they create adverse effects for the consumer? I’m not starting from the premise that we have to harmonize relations and that these gaps must be eliminated. But doing this analysis is reasonable,” Morisset says.
“We have in fact told the Canadian Life and Health Insurance Association (CLHIA) that it was a priority for us. It is also important for the Canadian Council of Insurance Regulators (CCIR). If there are problems, we have to detect them. The industry is not always inclined to look at some issues adequately,” Morisset says.
He wants to close this file as soon as possible, but he admits that it will probably not be finalized before 2016.