January 5, 2016 Decisions and Freeze and cease trade orders Insurance

On November 9, 2015, the Bureau de décision et de révision (the "Bureau") issued orders and imposed a total of $23,750 in administrative penalties against Denis Blondeau Assurances inc. and its officer, Denis Blondeau, thereby confirming an agreement reached by the parties.

More specifically, the Bureau fined the firm $16,500 firm for failing to comply with various provisions of An Act respecting the distribution of financial products and services, 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 fined the firm $5,000 for breaching an undertaking given to the AMF.

In addition, the Bureau fined Denis Blondeau $2,250 as responsible officer in connection with the above offences and prohibited him from acting as the responsible officer of an insurance of persons firm for three years.

Lastly, the Bureau issued an order requiring the firm to replace its responsible officer within a specified time, maintain its current policies and any policies to be set up, and ensure that employees who act as its representatives comply with the firm's policies and regulatory requirements.