Online insurance sales: regulation now publishedBy Andrea Lubeck | May 16 2019 11:30AM
The Regulation respecting Alternative Distribution Methods, which governs online sales of insurance products and distribution without representatives, was published today by the Autorité des marchés financiers.
This regulation supplement several articles of An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions, better known as Bill 141. Adopted on June 13, 2018, the Act notably amends the Act respecting the distribution of financial products and services, the Act respecting insurance and the Code Civil of Québec.
“The AMF endeavoured to clearly understand the issues and perspectives of stakeholders and consumers during the public consultation process held last fall,” says Louis Morisset, President and CEO of the Autorité des marchés financiers. “The result is a robust regulation that protects consumers while letting the industry innovate.”
“The Regulation imposes on independent firms and businesses the same obligations as those that apply to representatives, which lets consumers be protected regardless of the means they used to purchase a financial product or service,” adds Frédéric Pérodeau, Superintendent, Client Services and Distribution Oversight at the AMF.
At the consultation the AMF organized in October, over 20 stakeholders shared their opinion of the draft regulation.