Government To Limit Insurance Promotions By Banks
The Minister of Finance, The Honourable Jim Flaherty, has announced new regulations that will restrict Canadian banks, trust and loan companies from promoting non-authorized insurance on their web pages.
Authorized products such as travel related insurance as well as credit insurance could still be sold under the new regime, but non-authorized products such as property and life insurance would no longer be allowed.
Mr. Flaherty stated the following "We intend to prevent banks from using their web pages to promote non-authorized insurance products, which is not permitted in their branches. These measures were made necessary by the evolving use of technology by banks.î
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