Regulation on insurance sales over the Internet is imminent, says AMF
Frédéric Pérodeau, of Quebec’s financial markets regulator – the Autorité des marchés financiers (AMF) – told an audience of independent financial advisors that regulation on insurance sales over the Internet is coming soon.
Perodeau, the AMF’s Superintendent, Client Services and Distribution Oversight, did not announce a date for the publication of the regulation, but expressed a desire to publish it as soon as possible. “We have an unofficial date that I cannot share with you. It will certainly be in May,” he revealed at the annual conference of Quebec financial advisor association, the Association professionnelle des conseillers en services financiers (APCSF), held on May 3 in Montreal.
Robust framework
Perodeau says the regulation will contribute to a robust Internet sales regulatory framework. It will protect the consumer well, while at the same time being flexible enough to avoid putting the brakes on innovation, he said. The regulation will also underline the importance of advice. “Some see the regulation as a disruption or even a threat. We believe that it reaffirms the importance of the representative,” he emphasized.
Draft regulation on the sale of insurance over the internet was proposed by the AMF last fall.