Alberta’s finance department has released a consultation paper on credit unions setting up subsidiary life insurance brokerages.

The purpose of the consultation paper is to seek the views of interested stakeholders regarding a proposal from credit unions to establish or purchase a life insurance brokerage subsidiary. The proposal does not extend to the establishment of a general (property and casualty) insurance brokerage.

A life insurance brokerage would give credit unions the capacity to distribute wealth management products.

Interested parties are invited to make written submissions by November 8.