Montréal, April 27, 2017 – An agreement has been reached between the Autorité des marchés financiers (the “AMF”) and Western Life Assurance Company (“Western Life”) whereby an administrative penalty in the amount of $25,000 has been paid for non-compliance relating to the distribution of two insurance products.
The AMF claimed that Western Life distributed life disability and loss of employment insurance products by using a distribution guide that did not comply with An Act respecting the distribution of financial products and services (the “Distribution Act”) and its regulations.
The AMF also claimed that Western Life authorized a distributor to secure the adhesion of three consumers in respect of an insurance product for slightly more than six months, without having informed the AMF of the distributor’s name and address.
Western Life has since terminated its distribution of one of the above-mentioned insurance products and has amended the distribution guide relating to the other product in order to make it compliant with the Distribution Act and its regulations.
The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.
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