Insurance

Québec City – Following the end of hearings on May 30, 2005, Québec Superior Court took under advisement the case involving Assumption Mutual Life Insurance Company and the Autorité des marchés financiers (AMF).

On December 2, 2004, the AMF issued an order against Assumption to cease accepting insurance proposals, no later than March 1, 2005, for personal automobile credit insurance products distributed through automobile dealers that are not registered with the AMF or not authorized to act as distributors within the meaning of An Act respecting the distribution of financial products and services.

On December 22, 2004, Assumption filed a motion in Superior Court to institute proceedings and a motion for a stay of the administrative order whereby it asked the court to suspend the effect of the order until a final judgment in the case is rendered, to declare that Assumption had not violated An Act respecting insurance and to rule that the order issued by the AMF was null.

With the hearings ended on May 30, 2005 and the case taken under advisement, the staying order issued on February 15, 2005 was extended by the Superior Court for a period of 30 days following the judgment to be rendered.

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

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Information:

Media only:
Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Consumers and investors: (877) 525-0337, dial 9 for English, then dial 2 for consumers