At the regulator's 10th annual "Rendez-vous with the AMF" event, Louis Morisset, the president and CEO of Quebec regulator, the Autorité des marchés financiers (AMF), noted that "online transactions in the life insurance sector may be made without the involvement of a representative, and without advice."

Morisset also stressed the importance of "providing consumers with adequate self-assessment tools" and ensuring that they have "access to advice from a licensed advisor when the need arises."

In situations when these conditions are not met, or if the products offered over the internet are deemed to be overly complex, the AMF wishes to "have the capacity to intervene."

The AMF, according to its CEO, also intends to pay particular attention to the security of transactions, the protection of personal information, as well as to the types of insurance products that will be offered online.

Morisset says its guidelines seek to achieve a good balance between the orderly development of the online market and consumer protection.

Finally, he suggested that these new technological resources have "real potential for reducing the administrative burden that advisors carry." Now that insurance can be sold online, Morisset says advisors can focus on activities that make better use of their skills, knowledge, and ability to give good advice to clients, in particular to meet more complex needs.