The Autorité des marchés financiers is seeking comment on a series of proposals to deal with the online distribution of insurance in Quebec.
The AMF says that it undertook a review of the online distribution of insurance products in order to better identify and understand this activity and its associated issues. The Quebec regulator is now launching a consultation in order to share its findings and seek input on the issues raised. The paper includes 13 proposals dealing with issues such as advertising, disclosure and social media.
The regulator says that it hopes that this consultation will lead to improvements to the current regulatory framework “so that it adequately protects consumers”, regardless of how they purchase an insurance product.
“The AMF is of the view is that it would be preferable to adapt its regulations to allow the development of online insurance offerings, while ensuring that the public is protected,” it says, adding that it has identified some risks for consumers. “Consequently, the risks associated with using the Internet as a means of obtaining information about insurance, or buying it, need to be controlled,’ it adds.
Comments are due by May 24.