May 14, 2014 Insurance

The Autorité des marchés financiers (AMF) recently reached an agreement with William J. Henry & Associés inc. (WJ Henry) to correct irregularities with respect to the management of the firm's separate account. Under the agreement, WJ Henry has undertaken to engage an independent party for auditing the separate account and making recommendations to ensure it is no longer in the red. As well, WJ Henry undertook to appoint a new responsible officer.

The irregularities were noted in the course of an inspection conducted by the Chambre de l'assurance de dommages (ChAD) in December 2011. Although WJ Henry had mandated an accountant in 2012 to review its accounting, ChAD noted again in 2013 that the firm's separate account posted a significant shortfall.