In a notice published on February 16, 2015, Quebec's
Autorité des marchés financiers (AMF) warns
distributors, firms and insurers involved in the distribution of
replacement insurance products against engaging in certain
distribution practices that, in its opinion, are not in compliance
with An Act respecting insurance (Quebec Insurance Act),
An Act respecting the distribution of financial products and
services (Quebec Distribution Act) and various notices
published by the AMF on the same topic.
This notice follows the recent assessment of penalties, ranging
from $10,000 to $45,000, against nine car dealerships and a damage
insurance firm. The notice is also intended to make the public
aware of certain non-compliant practices relating to the offering
and sale of replacement insurance and to serve as a warning to
insurers who offer such products through distributors.
The complete text of the notice, including a reminder of the
provisions and guidelines applicable to insurers, particularly with
respect to the training of distributors of replacement insurance
products, as well as industry sound commercial practices and the
Outsourcing Risk Management Guideline, can be found here.
Finally, the notice ends with the AMF stating that it intends to
take the necessary measures to put an end to any practice that is
not in compliance with the Quebec Insurance Act or the Quebec
Distribution Act. As such, it may impose an administrative sanction
or take penal proceedings against any person who fails to comply
with these Acts.
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