MWM Assurances inc. and its responsible officer agree to pay administrative penalty

On December 20, 2013, the Bureau de décision et de révision ("Bureau") acknowledged an agreement between the parties whereby MWM Assurances inc. and its responsible officer have agreed to pay an administrative penalty in the amount of $50,000 for allowing persons who were not registered with the AMF and did not hold recognized insurance competencies to take part in the insurance distribution process by carrying out activities reserved for representatives.

The AMF also requested that MWM Assurances inc. set up supervisory and control measures, and the firm has complied with this request.

This agreement was made possible with the co-operation of MWM Assurances inc.