August 12, 2011 Insurance

Montréal - The Autorité des marchés financiers ("AMF") was recently notified that Courtier en service automobile (CSA), a firm that offered replacement guarantees, filed for bankruptcy on August 4, 2011. The bankruptcy stems from claims filed by clients over a period when the guarantees in question were not covered by an insurer.

The AMF is currently reviewing the matter and gathering all the information it needs for a full understanding of the situation in a timely manner. It is therefore conducting exchanges with the Chambre de l'assurance dommage (ChAD) and the Regroupement des cabinets de courtage d'assurance du Québec (RCCAQ), which represents brokerage firms and insurance brokers in Québec. At the conclusion of its review, the AMF will keep consumers posted as to developments and follow-up.

Since October 1, 2010, the AMF has overseen the matter of replacement guarantees further to recognizing them as replacement insurance products that may only be distributed by an insurer duly registered with the AMF.

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