View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
October 8, 2009

Canadian Banks To Stop Selling Insurance On Websites

The federal government of Canada had passed the Bank Act in the 1990s banning banks from selling insurance from the branches

By CBR Staff Writer

The government of Canada has asked all Canadian banks to stop selling insurance products on their respective websites – reported AHN.

The decision justifies that making insurance policies available on their portals was not consistent with Ottawa’s policy, that insurance activities must not be done in bank branches.

The government passed the Bank Act in the 1990s banning banks from selling insurance from the branches to protect the insurance industry from unfair competition.

Jim Flaherty, Finance Minister, clarified that several Canadian banks have been going around the regulation by offering the insurance products online and the regulation was passed before the online transactions were taking place.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

The Canadian Bankers Association is against Mr. Flaherty’s new direction as it would limit consumer access to insurance products. According to a study by the Strategic Counsel cited by the CBA, Canadians actually benefit from the high degree of competition and choice in the financial services sector, quoted allheadlinenews.com.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU