Finance Creates Rules for Online Insurance Bank Ban
It is so well on his threat to rewrite the rules for how banks sell insurance through the Internet. Growth and so easy for some insurance to get new ways for threath all entire money mistake before. just over one year after public warning to banks to stop using their websites to sell insurance, the federal government proposed new rules that exactly what lenders can and can not do on-line.
“This puts an artificial barrier for most consumers, because it’s never letting some others for get any money while its makes company feel increase of fund before. Actually its not same likes wont get new investor. The proposed regulations were published Friday in the Canada Gazette. After a 30-day comment period, the government will decide whether to continue execution to move.Under existing legislation prohibited banks from selling insurance from their branches, but the law makes no mention of the Internet – which mean that lenders have no problem using their websites on the market policy.
In June 2009 the Financial Supervisory Authority of Canada agreed with that position when it ruled against a complaint from the Insurance Brokers Association of Canada, an influential group of more than 33,000 members across the country.