Insurance Decisions and Freeze and cease trade orders
Montréal – The Autorité des marchés financiers (the “AMF”) imposed administrative sanctions totalling $92,500 on eight automobile dealers in connection with a judicial review of orders issued by the AMF in February 2015.
Following an application filed under An Act respecting the Autorité des marchés financiers, the AMF issued new orders to replace those that had been issued in February 2015 regarding the offer of automobile insurance products covering civil liability and damage to insured vehicles (Q.P.F. No. 1), which may only be offered by damage insurance agents and brokers registered with the AMF. Under these new orders:
- Toyota Magog (2709970 Canada inc.) was fined $17,500;
- Volkswagen de l’Estrie (Sherbrooke automobiles inc.) was fined $15,000;
- Honda de Blainville (2848-7403 Québec inc.) was fined $10,000;
- Hyundai Lanaudière (2622-3412 Québec inc.) was fined $7,500;
- Riendeau Hyundai (2845-6630 Québec inc.) was fined $7,500.
With regard to the following dealers, the administrative sanctions also reflect violations related to the offer of replacement insurance to certain customers, as these dealers failed to adequately describe this type of assurance.
- Hyundai de Sherbrooke (Garage Renaud Fortier inc.) was fined $12,500.
- Honda de Terrebonne (Automobiles Donald Brassard inc.) was fined $11,250.
- 4432231 Canada Inc. (Hyundai Vaudreuil) was fined $11,250.
Moreover, the AMF withdrew the initial order issued against Volkswagen Laurentides (Automobiles Lafontaine 2000 inc.) following an analysis of the information provided during the judicial review process.
Further to these new orders, the dealers involved have withdrawn their applications for judicial review filed with the Superior Court.
The AMF wishes to emphasize the commitment of these automobile dealers to take steps to improve compliance with the legislative provisions applicable to them and to better protect consumers.
The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.
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Sylvain Théberge: 514-940-2176
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