Distribution of automobile insurance products - AMF seeks to improve oversight
Insurance
Montréal – The Autorité des marchés financiers (AMF) is publishing today an English version of a consultation document related to the distribution of insurance products by dealers and other automobile vendors. The document titled “Consultation on the distribution of insurance products by dealers and other automobile vendors” discusses issues and possible solutions.
The AMF is undertaking a consultation with the insurance industry, automobile vendors (including dealers) and consumers to help clarify the role of automobile vendors in the distribution of insurance or similar products. The consultation will enable invited organizations to present their views with respect to the most appropriate method of distributing the various insurance products currently available in Québec through automobile vendors. Disclosures regarding remuneration paid to automobile vendors and oversight of firms acting as administrators of insurance products are also covered by the consultation.
Based on the consultation, the AMF will take the appropriate measures needed to improve the oversight of activities related to the distribution of insurance products available through automobile vendors for the purpose of better protecting vehicle buyers who might be offered such products.
The document Consultation on the distribution of insurance products by dealers and other automobile vendors is available on the AMF website.
The AMF will be holding public hearings on October 24 and 25, 2006 during which invited organizations will be able to present their comments. The hearings will be held at:
Hilton Québec Hotel
1100 René-Lévesque Boulevard, Québec City
Room: Beauport (2nd floor)
Fee-parking: Place Québec (St-Joachim Street)
Comments on this matter should be sent in writing, in six (6) copies and in electronic format, by October 6, 2006, to the attention of:
Me Anne-Marie Beaudoin
Director, Secretariat
Autorité des marchés financiers
800, square Victoria
C.P. 246, 22e étage, tour de la Bourse
Montréal (Québec) H4Z 1G3
E-mail: [email protected]
All comments will be made available to the public.
The AMF is the regulatory and oversight body for Québec’s financial sector.
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Information:
Media only:
Frédéric Alberro (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers