The Autorité des marchés financiers (the AMF) has signed an agreement with ARCH Insurance Company (ARCH) to complete a standardization process.
In 2011, the Groupement des assureurs automobiles (GAA) informed the AMF that ARCH had not filed the statistical data and information referred to in section 177 of the Automobile Insurance Act This link will open in a new window concerning its automobile insurance experience in Québec in the form prescribed in the instructions respecting the Automobile Statistical Plan (ASP).
ARCH has since set up an action plan so it will be able to provide the data as required. ARCH co-operated with the AMF throughout the standardization process in order to meet the requirements.
Under the agreement, ARCH will pay a $35,000 penalty for its non-compliance. ARCH has also agreed to take all necessary steps to ensure that future statistical data to be filed with the GAA comply with the instructions respecting the ASP.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.