By Vincent Gaudreau, CIB, FCIP, CRM, insurance broker and RCCAQ chair

Dear colleagues,

On June 12, Quebec's finance ministry issued its report on the application of the Act respecting the distribution of financial products and services (Bill 188). We are pleased that the government has taken up the issues of online insurance sales, distribution without insurance representatives and the advisability of having a dual regulatory system (AMF and ChAD).

Here is a summary of where we stand on online sales of insurance products:

• We recognize that selling insurance online is a transaction model that meets certain consumers' needs.
• It is essential that a certified representative be involved during online transactions.
• Consumers cannot bear sole responsibility for purchasing insurance products.

As regards the dual regulatory system, we are satisfied that the government's report recommends examining all approaches aimed at easing the regulatory and financial burden while ensuring proper oversight of the distribution of financial products and services.

We intend to play an active role in the consultation process launched by the Finance Ministry; we will submit a memorandum. We will continue to be proactive when it comes to protecting your rights and ensuring that consumers stay well informed.

Would you like to add to the impact of our efforts in this regard? Please feel free to get involved: let us know what you are prepared to do in dealings with your provincial elected representatives and/or other political contacts in order to support us in this battle.

Consult the report

Contact us to offer your support at