Montréal – The Autorité des marchés financiers (AMF) has reached an agreement with Kingsway General Insurance Company concerning the compliance of statistical data which, pursuant to the Québec Automobile Statistical Plan, it is required to file with the Groupement des assureurs automobiles.
The AMF recommended improvements to the procedure for the collection and transmission of the required information in order to ensure better reliability and consistency of data transmissions.
The AMF is satisfied that the insurer has implemented a new procedure for the collection and transmission of statistical data that meets regulatory requirements. The new procedure will enhance the transparency of Kingsway's statistical data and information relating to automobile insurance experience in Québec and will improve the AMF’s ability to perform its supervisory role, particularly with regard to classification and rating practices.
Pursuant to the agreement, the insurer will also make a payment to the AMF in the amount of $63,000 to be used in part to cover the costs of investigation.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Sylvain Théberge: (514) 940-2176
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