January 19, 2018 13:30
Louis Morisset | Photo : Denis Méthot
Thefinancial markets Authority has promised to be severe in the context that it will develop to allow the sale of insurance by Internet, during his hearing by the parliamentary committee for the bill, 141.
That the distribution of an insurance product has to intervene, by Internet or in person by a certified representative, the consumer should be protected in the same way, said its CEO Louis Morisset, who was accompanied by superintendent Patrick Déry. The Authority considers that the insurer must have the same level of accountability to the consumer, regardless of the channel used to distribute its products.
Supervision is robust
«A framework for robust will be introduced to ensure that the consumer holds the information necessary to making an informed decision for any type of product and the product that he will choose in the end he agrees, also writing the Authority in the brief it filed in view of this consultation. The bar will be high for the firms and insurers who want to implement such an offer. The insurer and the firm should be able, through technological means, to inform the consumer about the product appropriate to his needs and advise him if he chooses a product that does not fit this need. «
A certified representative to answer questions
Article 67 of the draft Law on insurers requires that the insurer that offers products via the Internet ensures that the consumer can, if he wishes, communicate with a physical person, but does not mention that it needs to be a representative.
The Authority, however, specify in his memory : «It is clear to the Authority that the person who will intervene in the course of a transaction in order to assist and answer questions from the consumer in respect of the insurance product he wishes to buy must be a certified representative, unlike the person who provides technical or administrative support «.
Integration of staff Rooms
At the hearing, Mr. Morisset has also stated that it is not only the activities and mandates of the Chambre de la sécurité financière and the Chambre de l’assurance damages that will be recovered by the Authority, but their staff also. Questioned by the deputy caquiste François Bonnardel, the chief executive of the Authority confirmed what had been said the previous day the minister Carlos J. Leitão : the current employees of the two chambers will join the Authority even if nothing indicates it in writing in the draft of act 141.
«The goal continues to be, it is clearly to integrate these people and their expertise within the Authority, said Mr Morisset. It has a lot of respect for the work that is done within these rooms. There is no ambiguity in our mind. These people will become employees and full-fledged within the Authority, in the same way as all the others. «
The bill provides a period of provisional administration, during which the Rooms will continue their operations, the time to complete the work they have undertaken and be incorporated within the Authority. This should take several months.
The discipline committees will forward their records
In the case of tribunal and disciplinary processes that are already running, the causes initiated before the sanction of the draft law 141 by the disciplinary committees will be carried to term. The goal is to avoid that the file be transferred and the process is returned to the Authority.
The principle of justice by the peers will also be maintained after the transfer of the activities of the Rooms within the Authority. The functions of the disciplinary committees current will be assumed by the administrative Tribunal of the financial markets, assisted by assessors, all of which will be representatives certified.