Montréal – In a Notice published in its March 27, 2009 Bulletin, the Autorité des marchés financiers (AMF) announced its position that motor vehicle replacement guarantees are an insurance product henceforth subject to AMF oversight.
The AMF has given the main stakeholders 12 months to make the necessary changes to ensure continued compliance with the law.
To benefit from this transition period, manufacturers and administrators of replacement guarantees were required to register with the AMF within a 3-month period ended June 27, 2009.
At the close of this transition period, only those companies appearing on the list posted on the AMF website are authorized, barring notice to the contrary by the AMF, to act as replacement guarantee manufacturers or administrators until March 27, 2010.
However, the AMF reminds manufacturers that they must honour all replacement guarantees sold to date, regardless of whether of not they are on the list.
Manufacturers and administrators not on this list or on future updated lists may no longer offer replacement guarantees through a dealer or otherwise.
Consumers who are offered replacement guarantees issued by a company not on the list or on future updated lists are asked to contact the AMF at any of the telephone numbers below.
Consumers should also contact the AMF if they are experiencing difficulty having a replacement guarantee honoured or if they have any questions about replacement guarantees.
Please consult the Special Projects section of the AMF website for information about replacement guarantees, as well as the list of authorized companies and updated lists further to the publication of this News Release.
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Sylvain Théberge: (514) 940-2176
Québec City: 418-525-0337