November 8, 2004 Insurance

Québec City – As part of a global approach intended to clarify the situation and ensure transparency in the insurance sector, the Autorité des marchés financiers (“AMF”) is currently conducting off-site inspections. The focus will first be placed on damage insurance companies and brokers.

Undertaken on Friday, November 5, 2004, the initiative consists of a large-scale mailing of inspection questionnaires to industry participants who will be asked to respond within two weeks. A thorough analysis of the documents will be carried out and, as necessary, various steps may be taken for more detailed information.

The inspection document was developed based on major industry-related issues: licences, distribution networks, contracts, compensation, financial arrangements, proposals, supervision, policies and procedures.

The actions taken by the AMF are part of a global approach designed to boost the confidence that consumers must have with respect to the members of the insurance industry.

Moreover, the AMF is maintaining regular contact with self-regulatory organizations (SROs) in Québec and regulatory agencies in other provinces and is earnestly participating in the work they have undertaken.

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

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For More Information:

Journalists only:
Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Consumers and investors: (877) 525-0337, dial 9 for English, then dial 2 for consumers