Insurance Decisions and Freeze and cease trade orders
On May 2, 2013, the Bureau de décision et de révision ("Bureau") approved an agreement between the claims adjustment firm Claimspro inc. and the Autorité des marchés financiers ("AMF"). Under the agreement, the firm agreed to pay a $50,000 penalty.
Claimspro inc. is said to have failed to fulfill its obligations by condoning the assignment of files to a claims adjuster attached to the firm who pursued activities in a sector class for which he was not licensed, and did so with respect to 500 files over more than eight years.
The AMF also asked Claimspro inc.to undertake the implementation of supervisory and control measures, and this was done as soon as Claimspro was notified of the issue by the Chambre d'assurance de dommages. In addition, the Bureau approved the undertakings made by Claimspro with the AMF.