CLHIA-Quebec opposed to selling insurance policies to third partiesRelease Date: 06/02/2016 Source: Insurance and Investment Journal Staff Reference: Lyne Duhaime
The Quebec section of the Canadian Life and Health Insurance Association (CLHIA Quebec) wants to see the province crack down on the practice of reselling discounted life insurance policies to third parties.
In an interview with The Insurance and Investment Journal, CLHIA Quebec president Lyne Duhaime revealed that the association of Quebec-chartered insurers has been looking at having the sales of discounted life insurance policies to third parties regulated. “We will begin working on this matter shortly,” she revealed.
She points out that the reselling of insurance policies, called viatical or life settlements, is not prohibited in Quebec, but it is in many other provinces, including Ontario. Duhaime points out that Saskatchewan has also issued draft regulations which would ban the practice.