Insurance is a complicated product and coverage varies widely. Online shoppers in many other regulated industries, including financial services, by regulation see a message alerting them they may need advice or that a specific product may not be suitable. In May 2015, senior Government of Saskatchewan officials agreed with IBAS that the Act regulations should incorporate a cautionary message, although there is no such warning or protection in the current Act regulations.
IBAS is calling on the Province to include a provision in the Act regulations that requires a protective disclosure to be displayed wherever online insurance is quoted or sold — along the lines of, ‘This insurance product may or may not meet your needs. It is important to obtain advice from a licensed insurance professional before purchasing any insurance product.’