Insurance

An agreement has been reached between the Autorité des marchés financiers (the "AMF") and Co-operators Life Insurance Company (Co-operators) pursuant to which an administrative penalty of $50,000 has been paid for breaches relating to the distribution of an insurance product.

The AMF claimed that Co-operators distributed 6,840 travel insurance products through a distributor for over eight years without first sending the related distribution guide to the AMF.

Co-operators has stopped distributing the above-mentioned insurance products and has set up measures to ensure that all its products are distributed in compliance with An Act respecting the distribution of financial products and services.