Montréal - On November 11, 2014, Justice of the Peace Sylvie Desmeules of the Court of Québec for the district of Sherbrooke fined Gestion Ar-Phi et associés inc. a total of $9,000 for illegally carrying on activities in damage insurance between March 1, 2010 and September 30, 2012.
Gestion Ar-Phi et associés inc. pleaded guilty to three charges filed by the Autorité des marchés financiers (the "AMF"), which claimed that it had illegally acted as or purported to be a damage insurance firm without being registered as such. Since the charges were filed, Gestion Ar-Phi et associés inc. has corrected the situation and is now registered with the AMF as a damage insurance broker.
A judgment handed down in November 2013 confirmed that independent risk management advisors and damage insurance consultants are governed by An Act respecting the distribution of financial products and services and that they must be duly registered with the AMF when carrying on advisory activities related to damage insurance products.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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