The Autorité des marchés financiers (AMF) is
currently surveying the insurance industry on the application of
the Sound Commercial Practices Guideline (Guideline) that was
published and came into effect in June 2013. This Guideline is
unique to Quebec and applies to all insurers governed by
Quebec's Act respecting insurance. It sets out the
AMF's expectations regarding the legal requirement of insurers
and financial institutions to adhere to sound commercial practices
by developing strategies, policies and procedures based on the
nature, size, complexity and risk profile of their activities.
In the coming days, insurers and financial institutions will
receive a letter from the AMF asking them to complete a
questionnaire consisting of a self-assessment of their commercial
practices and the way the Guideline is being applied to, and
incorporated into, their activities. The AMF is also asking them
for additional information, particularly regarding the distribution
and marketing networks for their products.
This survey is part of an AMF prudential oversight process
intended to verify industry practices and get an overall picture of
the progress that has been made by insurers and institutions in
implementing policies and procedures in order to comply with the
Guideline. According to the AMF, the questionnaire does not have a
coercive purpose but instead involves a study being conducted by
the AMF to enable insurers and financial institutions to identify
areas for improvement so they can meet the expectations of the
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