Insurance

Montréal – At the Québec City courthouse, Flanders Insurance Management and Administrative Services Ltd (“Flanders”) pleaded guilty on April 2, 2007 to 210 counts filed against it on January 11, 2006 by the Autorité des marchés financiers (AMF). Judge Élizabeth Corte of the Court of Québec ordered the company to pay a fine in the amount of $210,000.

Flanders pleaded guilty to the following charge:

  • Selling an insurance product without being registered with the AMF as a damage insurance firm, thereby violating section 462 of the Act respecting the distribution of financial products and services, R.S.Q. c. D-9.2.

Based in Winnipeg, Flanders sold and negotiated inventory insurance policies in Québec, primarily intended for dealers of recreational vehicles, without being registered with the AMF as a damage insurance firm.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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