AMF orientations concerning Internet insurance offerings

Insurance Organization

Montréal - In a report published today, the Autorité des marchés financiers ("AMF") presents its orientations concerning the regulatory framework governing the distribution of insurance products via the Internet in Québec.

The report entitled Internet Insurance Offerings in Québec highlights the findings of a consultation at the end of which the AMF had received 20 briefs from stakeholders on the issues pertaining to the distribution of insurance via the Internet. "We're presenting today eleven orientations intended to strike a balance between the orderly development of e-commerce in the insurance industry and protection of the public," noted AMF President and CEO Louis Morisset. "It's up to the government to decide whether regulatory amendments are necessary in order to implement these orientations."

One of the AMF's orientations states that on-line insurance transactions could take place without the intervention of a representative provided certain conditions are met:

  • The consumer can have access to a representative if necessary;
  • The consumer is informed of the importance of obtaining the advice of a certified insurance representative;
  • The consumer is provided with adequate self-assessment tools;
  • The consumer benefits from a right of rescission, that is, he can cancel his purchase within a certain period;
  • Information can be entered and transmitted personally by the consumer.

As well, the report presents the AMF's orientations with respect to the disclosure of essential information, distribution other than through a representative, the reliability of transactions and the protection of personal information, advertising and social media.

The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.

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