In the fall of 2017, the Quebec government introduced two
long-awaited bills that will bring about extensive reforms to the
insurance industry in Quebec.
The new regime would allow insurance firms to offer
products and services online, without the assistance of a broker or
agent. It remains to be seen whether regulations will
prevent certain types of policies from being distributed online,
namely life & health insurance. In any event, consumers will
have a right to a 10-day cooling-off period, during which they can
cancel insurance policies contracted online.
Also, the new rules would impose stricter demands on brokerage
firms dealing in damage insurance. Firms will be required
to offer policies from at least four insurers belonging to
different financial groups. In the event they cannot, they
will have to show the regulator that they made every effort to do
so, failing which they will have to change their registration to
insurance agency. What's more, damage
