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Bill 141 : that which enters into force today


Andrea Lubeck

June 13, 2019 11:30

The Act aimed primarily to improve the supervision of the financial sector, the protection of the money deposits and the plan of operation of financial institutions, better known under the name of “bill 141” and adopted in 2018, provided that a host of measures can come into force on 13 June 2019. The deadline finally arrived, read on for a summary of those relevant to the insurance industry that are applicable today.

Internet sales

The Regulations on alternative methods of distribution, published in may, establishes the framework for the sale of insurance products via the Internet.

This regulation tag this as insurers and firms must put in place in order to sell insurance products through the Internet, and make the distribution without a representative. They must do this especially through a digital space, they should give the information to thefinancial markets Authority. A crowd of other data must be disclosed to the regulator.

Moreover, the regulation provides that the information must be written in ” a form that is clear, legible, accurate and not misleading, so as to highlight the essential elements to make an informed decision about the product or financial service offered, and in a way that does not confuse or mislead “.

In addition, the regulations provide that a customer can cancel his insurance contract 10 days after the purchase without penalty.

Finally, it is also intended, in particular, that a representative must be available at all times to respond to questions from clients, without which, the distributor must suspend the offering on its digital space.

The only provisions which are not effective are the obligation of the insurers to the supervision and training of its distributors and the persons to whom the task of dealing with customers is entrusted.

Also, the obligation to make the contents of the product and the specimen of the font and endorsements for each product offered by a distributor is not applicable today.

Finally, the procedure relating to the design, use and maintenance of the digital space and to ensure the implementation is excluded.

These measures will enter into force 12 months later, on June 13, 2020.

The insurance Act replaced

On June 13, 2019, the insurance Act will be replaced by the Act on insurers, which includes provisions on the supervision and control of insurance business and activities of insurers in Quebec. This new law amends the constitution of joint-stock companies and mutuals and sets the tags for their boards of directors.


Certain provisions relating to the Act respecting the distribution of financial products and services also come into effect June 13, 2019. These measures concern, among others, those who are licensed to sell insurance products, related to the termination of an insurance contract and eliminate the obligation of selling through a physical person.

The question of the ownership of a brokerage firm is also featured, as is that of the responsibilities of theAutorité des marchés financiers.

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