June 8, 2004 Insurance

Montréal – The Agence nationale d'encadrement du secteur financier (also known as “Autorité des marchés financiers” or “AMF” is initating penal proceedings against C.A.D.R.E. Assurances before the Court of Québec (Criminal and Penal Division) in the judicial district of Montréal.

By offering École Ste-Anne a contract in group insurance of persons, C.A.D.R.E. Assurances is facing one count of having contravened section 462 of the Act respecting the distribution of financial products and services (the “Act”), by acting as an insurance firm though the company was not registered with the AMF in the sector of group insurance of persons.

If C.A.D.R.E. Assurances is found guilty of this count, it will be ordered to pay a minimum fine of $1000.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance- dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions .

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For More Information:

Journalists only:
Barbara Timmins (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Investors: (877) 525-0337, dial 9 for English, then dial 2 for consumers