Montréal – The Autorité des marchés financiers (AMF) announces that AXA Canada Inc. (“AXA Canada”) has carried out all the commitments undertaken by the company under the agreement reached in December 2005. The AMF and AXA Canada have further agreed on the improvements that need to be made to the agreements entered into with some damage insurance firms covered by the agreement. The proposed changes meet AMF requirements and are in line with current legislation.
In December 2005, the AMF reached an agreement with AXA Canada that concluded an investigation into the commercial practices of damage insurance firms represented by the company.
Under the agreement, AXA Canada undertook to improve the firms' practices for disclosing business relationships and to alter components of the agreements with certain firms.
A notice outlining the AMF’s general position regarding the ownership of damage insurance firms was also published in section 3.1 of the AMF Bulletin dated February 16, 2007.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
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