Montréal, March 11, 2011 - The Autorité des marchés financiers (AMF) announced that it has reached an agreement with St. Paul Fire and Marine Insurance Company ("St. Paul") which will conclude a regularization process begun in 2009.
On November 19, 2009, the AMF was informed that St. Paul had failed to furnish the Groupement des assureurs automobiles ("GAA"), in the form indicated in the instructions relating to the Automobile Statistical Plan ("ASP"), the statistical data and information referred to under section 177 of the Automobile Insurance Act concerning its automobile insurance experience in Québec for the months of January through December 2006, January through December 2007, January through December 2008, and January through October 2009.
As a result, St. Paul implemented an action plan to make the necessary changes to ensure that the data it provides to and files with the GAA under the ASP are compliant.
St. Paul co-operated with the AMF throughout the regularization process to satisfy the requirements set out in the instructions relating to the ASP.
Under the agreement, St. Paul will be required to pay a penalty of $35,000 in respect of the noted deficiencies. In addition, St. Paul has agreed to take all steps necessary to ensure that the data it files in the future with the GAA under the ASP are in accordance with the instructions relating to the ASP.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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