15 May 2019 13:45
Photo : Freepik
The Regulations on alternative methods of distribution, which specifies the framework for the sale of insurance products by the Internet and the distribution without a representative, has been published today by thefinancial markets Authority.
It complements a number of articles of the Law, mainly aiming at improving 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 ” draft law 141 “. The law, adopted on 13 June 2018, has amended the Act respecting the distribution of financial products and services, the Act on insurers and the civil Code of Québec.
“The Authority has ensured to understand the issues and the perspectives of stakeholders and consumers in the framework of the public consultation process conducted last fall, pointed out Louis Morisset, president and ceo of the Autorité des marchés financiers. The result is a frame robust, which protects the consumer while allowing industry to innovate. “
“The Regulation imposes on firms and the autonomous corporations the same obligations as those imposed on the officials, thus allowing the consumer to be protected regardless of the means it uses to obtain a financial product or service “, added Frédéric Pérodeau, superintendent of the assistance to clients and the supervision of the distribution.
The regulation had been the subject of a consultation by the Authority in October last. More than two dozen speakers shared their views on the draft regulations.