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Insurance sales through the Internet : the Authority to specify certain aspects


Andrea Lubeck

22 April 2019 13:30

Frédéric Pérodeau

Thefinancial markets Authority has held to clarify several provisions that are the subject of issues of the share of industry in the context of a speech by Frédéric Pérodeau pronounced last week at the Day insurance 2019.

While the entry into force of the regulation of insurance sales via the Internet, scheduled for June 13, arrived quickly, the financial markets Authority has not yet published a final version of the regulations, stating the provisions of the act 141. The superintendent with the assistance of clients and the supervision of the distribution to the Authority is intended to be a friendly and immediately answered some of the concerns of the industry.

To those who oppose the sale of insurance products, Frédéric Pérodeau said that ” the Internet is here to stay. There is a larger proportion of the population that wishes to purchase products of this nature-there by using a channel of technological communication. This proportion is on the increase “.

Three main principles have been enacted through legislative changes, has been keen to remind Mr. Pérodeau :

  • Any legal person that offers internet, including an insurer, it shall do so as a firm registered in the appropriate discipline ;
  • The firm that provides the internet must comply with the obligations that apply to a representative, including the obligation of the council ;
  • The firm must take the necessary measures to ensure that a representative is attached and certified in the proper discipline to act in a timely manner to a customer that feels the need.
  • Disciplines excluded

    Several stakeholders had requested that some areas be excluded from the scope of the act. Some of these suggestions have been adopted by the Authority in its work of consultation following the publication of the draft regulation on alternative methods of distribution.

    Thus, the process of accession to group insurance, group annuities and pension plans are no longer subject to the regulations, including the final version should be published in may. The same thing for sites of comparison of products which are not transactional.

    “Only digital spaces for the conclusion of a contract will now be subject to the regulations. We talk about transactional web sites as opposed to the comparison sites that are not transactional “, has he hammered.

    Moreover, the term “platform” has been replaced by “digital space” in the terminology of the regulation.

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