March 29, 2010 Organization

Montréal – The Autorité des marchés financiers (AMF) has published a revised list of authorized manufacturers and administrators of replacement guarantees effective until July 31, 2010. These manufacturers and administrators have demonstrated that their obligations are covered by an insurer registered with the AMF.

In its March 27, 2009 Bulletin, the AMF stated that a motor vehicle replacement guarantee was an insurance product subject to its oversight. At the time, insurers, manufacturers and administrators of replacement guarantees were given a 12 month transition period, that was later extended to July 31, 2010, to make the necessary changes to comply with the new provisions without disrupting their daily operations.

As of August 1, 2010, Q.P.F. No. 5 – Replacement Insurance will be offered exclusively through insurance brokers and agents, as well as through motor vehicle dealerships that offer a distribution guide along with the replacement guarantee. Consumers will therefore obtain a standardized product duly approved by the AMF, thereby ensuring enhanced oversight of these insurance products and better protection for consumers.

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

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