Three insurance companies that failed to file their complaint reports between July 2005 and December 2009, due to error, recently made an undertaking with the AMF to file their complaint reports in a timely manner. None of the insurers involved had been the subject of any complaints during the period under consideration.
All three insurers have since filed the missing complaint reports and co-operated fully with the AMF to correct the failure, which resulted from an unintentional error.
In accordance with the undertaking, Liberty Mutual Insurance Company and Employers Insurance Company of Wausau have agreed to pay $13,500 to the AMF.
The Liberty Life Assurance Company of Boston agreed to pay $16,500 given that, in addition to the delays in filing complaint reports, it also failed to inform the AMF about its registration in the Registraire des entreprises of Québec. It had formerly operated under the name Compagnie d'assurance Liberté Life de Boston. Twice per year, all insurers are required to file a complaint report that mentions the number and type of complaints sent to them.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.