Administrative penalties against Martin Lajeunesse and his insurance firm

Insurance Decisions and Freeze and cease trade orders

On February 19, 2016, the Bureau de décision et de révision ("Bureau") handed down a decision regarding Assurances Martin Lajeunesse inc. and Martin Lajeunesse. The decision follows up on an agreement that provided administrative penalties and specific orders against the firm and Martin Lajeunesse, among other provisions.

The Bureau ordered the firm to pay an administrative penalty of $16,500 for failing to comply with various provisions of An Act respecting the distribution of financial products and services ("Distribution Act"), including those relating to adequate record-keeping, financial needs analyses and risk profiles as well as the applicable procedure regarding replacement notices. The Bureau also ordered the firm to pay an administrative penalty of $5,000 for breaching an undertaking given to the AMF.

As well, the Bureau imposed an administrative penalty on Martin Lajeunesse in the amount of $2,250 as the firm's responsible officer in connection with the violations noted above. In addition, the Bureau prohibited Martin Lajeunesse from acting as the responsible officer of any insurance firm (insurance of persons) for a period of three years and prescribed such conditions on his certificate.

Finally, the Bureau issued specific orders against the firm in particular with respect to replacing the responsible officer within 90 days following the decision, setting up or maintaining certain policies and ensuring that its representatives comply with the Distribution Act and its regulations.