Ben,
the AI agent for insurance and mortgage brokers.

Quotes

Documents

Renewals

Deadlines

The AMF certificate

No one may act as a representative, or present themselves as one, without a certificate issued by the Autorité des marchés financiers (AMF, Quebec's financial markets regulator) (art. 12 of the LDPSF, Quebec's Act respecting the distribution of financial products and services, Loi sur la distribution de produits et services financiers). The mortgage broker is also a representative within the meaning of the law (art. 1 and 11.1). Ben never introduces himself as a broker and performs no reserved act.

Needs analysis and advice

The insurance representative must inquire into the client's situation, advise them and, before the contract, describe the product and specify the exclusions (art. 27 and 28). The mortgage broker has similar obligations and must describe the loan offered (art. 58.1 and 58.2). Ben prepares the information; the broker gives the advice.

Disclosures in mortgage brokerage

Before proposing a loan, the mortgage broker discloses the names of lenders with whom their clients have concluded a loan (art. 58.3) and their business ties with the lender (art. 58.4). The AMF reminds brokers that, when introducing themselves, they give their contact details and the name of the firm for which they act. Ben gives the firm's name; the disclosures remain with the broker.

Identity verification (FINTRAC, CANAFE)

Since October 11, 2024, mortgage administrators, brokers and lenders must verify the identity of their clients for certain transactions, keep records and have a compliance program. Ben may request the documents; the verification remains with the broker, following the methods of FINTRAC (Canada's financial intelligence unit, Centre d'analyse des opérations et déclarations financières du Canada, CANAFE).

Quebec's Law 25

purpose and consent: Information may be used only for the purposes for which it was collected, unless consent is given, express if the information is sensitive; and commercial prospecting is never a compatible purpose (art. 12). The information in a quote request is therefore not used to offer you other products without consent.

Text message reminders

the anti-spam law: A commercial electronic message requires consent (art. 6). A written contract in force, or expired less than two years ago, creates an existing business relationship and implied consent (art. 10(10)d)). Beyond that, or for a prospect, express consent is required, and each message must offer a way to unsubscribe (art. 6(2)).

The AMF guideline on AI

The AMF has published a guideline on the use of AI, in effect May 1, 2027. It applies to authorized insurers and other designated financial institutions, and covers governance, risk management and the fair treatment of customers.