July 17, 2014 Insurance

Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding against Stéphane Corbeil and Ian Roy and filed seven charges for agreeing to or granting premium discounts. The minimum fine that the AMF is seeking for all charges is double the gains generated on the sale of the insurance policies, namely, $584,218.

The AMF investigation revealed both representatives urged a number of clients to purchase universal life insurance policies with a very high benefit by offering them premium discounts without the knowledge of the insurer. Stéphane Corbeil and Ian Roy pocketed large amounts in commissions for the sale of these insurance products.

The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.

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Information:

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