AMF launches consumer awareness brochure for unlicensed distribution of insurance products

The Autorité des marches financiers (AMF) has launched a brochure educating consumers on the sale of insurance products by unlicensed distributors. In particular, AMF reminds consumers applying for automobile financing or a mortgage on a home, the lender or merchant may offer:•life, health and loss of employment insurance on the loan;•travel insurance (generally offered by travel agencies); and•replacement insurance (available in particular through automobile dealers).In its pamphlet, the AMF offers tips for consumers before they decide to buy the insurance. These include a list of the obligations and requirements of the distributor and a reminder that the distributor cannot force the consumer to purchase the insurance from them.Finally, AMF offers tips to consumers should they wish to purchase the insurance. These include a reminder to not rush into the purchase, instructions on how to file a complaint and details about the 10-day cooling off period following the purchase of the insurance. During this cooling-off period, consumers can cancel the insurance receive a refund of premiums paid.The brochure can be downloaded at: http://www.lautorite.qc.ca/en/insurance-without-representative.html