AMF launches penal proceedings against 4 insurers for failure to file statistical data
Montréal – The Autorité des marchés financiers has launched penal proceedings before the Court of Québec (Criminal and Penal Division), in the judicial district of Montréal, against Traders General Insurance Company, Scottish & York Insurance Company Limited, Aviva Insurance Company of Canada and Elite Insurance Company.
As authorized insurers, each company faces 12 charges for failure to file with the Groupement des assureurs automobiles, upon request and in the prescribed form, the statistical data and information referred to in section 177 of the Automobile Insurance Act concerning its automobile insurance experience for each month from July 2005 to June 2006.
If found guilty on all charges, each insurer will be liable to a minimum fine of $8,400. However, the AMF will be seeking a higher fine than the minimum amount provided for under the Act, namely, $84,000 for each insurer.
The AMF is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers
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