October 28, 2004 Insurance

Québec City – The Autorité des marchés financiers (the “AMF”) is adopting a global approach for the purpose of clarifying commercial practices in the insurance sector.

The situation is causing concern, and the AMF is monitoring the matter closely. It is therefore actively engaged in a commercial practice assessment plan designed to protect the interests of consumers.

Moreover, the AMF is maintaining regular contact with self-regulatory organizations (SROs) in Québec and is taking part in the work undertaken by regulatory agencies in other provinces.

The objective of the approach set up by the AMF is to ensure the transparency of commercial practices in the insurance sector. The actions taken by the AMF, based on the powers conferred on it, will aim to boost the confidence that consumers must have with respect to the members of the insurance sector.

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

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For More Information:

Journalists 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